UK Money News
5th February 2008
City investment propping up London house prices
Investment from the City is continuing to support property prices in London, it has been revealed.
According to figures from estate agents Knight Frank, London price growth stood at £1.1 million.
This was the fourth consecutive month in which prices were up in London and brought the annual rate of house price inflation down to 26.2 per cent from its peak of 37.9 per cent during August last year.
Liam Bailey, head of residential research, attributed the slowdown of prices to a gradual downturn in investment from the City.
He commented: "As this market depends to a very great extent on the strength of the City it is inevitable that the current unease in the financial sector is influencing its slowdown."
Yet, despite the downturn in the markets, withdrawal for investment in central locations has not been as marked as might have been expected, Mr Bailey added.
"It is clear that City money is still being invested in prime central London properties, though perhaps not with the same enthusiasm that followed last year’s bonus round." "
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