UK Money News
8th May 2008
Gloom hits prices of prime London property
The market for prime central London property is beginning to feel the impact of the house price falls noted across the country, a new report has shown.
A study conducted by estate agent Savills found that over the first three months of this year the price of properties worth over £1 million has fallen by 1.5 per cent.
This is on top of a two per cent fall recorded in the final quarter of 2007.
However, some properties remain seemingly immune to the downturn, with those worth £4 million or more rising in price by 1.7 per cent over the period.
Lucian Cook of Savills said that the downturn can be attributed to the wider economic malaise and the effect this is having on high-earning City workers who are typical buyers of high-value property.
He said: "There is a lack of sellers and buyers lack confidence - it is all about sentiment. There's job uncertainty in the City.
"At the moment we are seeing volumes 30 per cent to 40 per cent down - the trend has got worse over the last two months."
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