UK Money News
1st July 2008
London house prices 'starting to stabilise'
London house prices are stabilising after recording sustained declines for much of 2008, it has been claimed.
According to the Spicerhaart London index, since the start of the year the average price of a property in London has fallen by 14 per cent.
However, Russell Jarvis of the estate agents claims that the fact that the rate of price deprecation slowed to 0.25 per cent in May indicates that the worst of the slump could be over.
He said: The Spicerhaart London index, which uses real-time information, is a true reflection of what is happening in the market at the moment.
"Our data shows that price corrections have already happened and the market is now starting to stabilise, as it is underpinned by some strong fundamentals, such as the rental market and the increase in interest from first time buyers."
The fall in May brought the average price of a home in London to £248,642.
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