London property prices plummet
Those selling homes in London have seen thousands cut off their asking prices due to the current economic downturn.
Research from London Estate Agent Rightmove shows that asking prices for London property fell 5.3 per cent in August.
In addition, prices in some of London's most popular suburbs also fell dramatically, encouraging many people to stick to renting in London.
Figures show that the average asking price in Wandsworth fell from £522,000 to £481,000 in a single month.
properties in Brent, Kingston-upon-Thames, Richmond-upon-Thames and Greenwich were down more than 6.5 per cent in the month.
"The number of transactions this year is in danger of being the lowest since 1959," said Miles Shipside, commercial director at Rightmove.
Nationwide has also reported that asking prices fell by a record 2.3 per cent in August, with the decline taking the average asking price to £229,816 in August.
It is thought that this drop in value is primarily due to the lack of mortgage deals available on the market and the increasing number of unsold houses.
The average asking price for London property is now £378,162, down 3.8 per cent from this time last year.
Published 18th August, 2008
© 2008 Estates IT Limited
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Those selling homes in London have seen thousands cut off their asking prices due to the current economic downturn.