London 'not immune' to property crash
With the latest Halifax report painting a gloomy picture of house prices, one leading Estate Agent has warned that the London property market is "not immune" from a crash.
Pundits have traditionally lauded London's global appeal as a leading financial centre, insisting the capital is uniquely suited to weathering any wider downturn in the property market.
But according to Knight Frank, the difficulties facing the London market are as relevant to those elsewhere in Britain and a downward house price correction remains a distinct possibility.
"The prime market is not immune to what is going on with the credit crunch and in the mortgage market and everything depends on how quickly the mortgage market returns to normal," commented Liam Bailey, head of residential research at the Estate Agent.
"If it doesn't return to normal then we have a problem this year."
The average value of a home in London presently stands at £353,760, but many pundits have suggested relentless demand for prime properties in the capital is masking difficulties in the wider sector.
The Land Registry this month revealed that house prices fell 0.4 per cent in February - the third steepest fall of anywhere in England and Wales.
Published 8th April, 2008
© 2008 Estates IT Limited
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With the latest Halifax report painting a gloomy picture of house prices, one leading estate agent has warned that the London property market is "not immune" from a crash.