Money News
1st August 2008
Prime London property prices down again in July
Centrally located prime London property is no longer bucking the wider downturn in the property market, with prices falling for a third consecutive month.
Figures from Knight Frank revealed that the price of this property dropped by 1.7 per cent in July, having posted declines in May and June of 1.7 per cent and 1.5 per cent respectively.
The cumulative decline means that prime London property has grown in price by just 1.8 per cent over the last 12 months.
At this time last year, prices were growing on an annualised basis by 36.4 per cent.
However, despite the slide, Liam Bailey, head of residential research at the estate agent, said that there reasons to be cheerful in the months ahead, with the average time that property is on the market dropping back below 60 days.
He added: "Also, viewings continue to take place at historically high rates, indicating that the appetite for prime London property is not hugely dented - but rather that buyers are waiting for the market to stabilise before making a move."
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