UK Money News
9th May 2008
London property prices stagnating
House inflation for prime properties in central London locations is moderating, new figures have shown.
According to new figures from Knight Frank, the average price of high end homes in these locations grew by just 0.1 per cent in April.
The slowing in the market brought the rate of house price growth over the last three months to 0.8 per cent.
This is the lowest rate of inflation noted by the firm's survey since February 2005.
Further evidence that the market is slowing was provided by the fact that the time it takes to sell a property has increased from 47 days to 76 days over the last 12 months.
Liam Bailey, head of residential research at the firm, said that an improvement could be on the way but that is some months away.
He commented: "The real impact will only come once the Bank of England’s 'special liquidity scheme' has worked its way through the money markets and lenders feel confident lending to each other again."
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