UK Money News
18th August 2008
London house prices down 5.4%
London house prices fell dramatically during July, in a sign that the capital's market will not remain impervious to the market downturn.
The average price of a home in the capital fell by 5.4 per cent over the course of the month, according to research conducted by property site Rightmove.co.uk.
This brought the rate of annual house price growth into negative territory, with a property now worth 3.8 per cent less than it was during the same month last year.
Miles Shipside, commercial director of Rightmove, said: "Londoners have so far been largely insulated from the price falls taking place elsewhere in the country.
"However, sellers who choose to come to the market during the peak holiday season generally have a greater need to sell, and as a result properties coming onto the market in July were on average over £21,000 cheaper than last month."
House prices falls were noted in every borough of London.
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