London house prices 'have further to fall'
Problems in the financial sector have been blamed for the difficulties being encountered by the London property market.
Michael O'Flynn, content editor of FindaProperty.com, noted that turmoil in the City has taken money out - which has an effect on prices and activity.
He added that values are likely to continue to fall next year, even though the worst effects of the economic downturn may have passed.
Prices in London have the furthest to drop, Mr O'Flynn explained, adding: "London led the boom and in some respects is now leading the downturn - at the moment, activity levels [in the capital] are lower than in any other regions."
Those planning to live in London may choose to rent a house or flat rather than buy, as further price falls could see them go into negative equity.
Knight Frank recently found that London property prices fell by their fastest recorded rate in October - as they dropped by 3.9 per cent.
Published 13th November, 2008
© 2008 Estates IT Limited
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Problems in the financial sector have been blamed for the difficulties being encountered by the London property market.