Property prices in London falling speedily

Posted under General by Jermaine

Severe credit crunch and downturn in housing industry has started adversely affecting property prices in London and that too at a faster pace than other places in the UK, as reported by the online change of address service, UK.

According to the service’s chairman, Simon Preston, property transaction data indicates that flow of people to London, as compared to last year, has reduced considerably.

Preston added that despite the fact that property prices in London remained bit firmly in last 12 months, gradual fall has started creeping in and it is apprehended that it will accelerate faster than other places in the country.

Preston informed that certain estate agents could sell not more than one property in the whole month of August, indicating severe downturn in property market in London.

According to Halifax, out of 50 highest value residential streets in Wales and England 39 belonged to Greater London alone.

Research conducted by the Royal Institution of Chartered Surveyors in October also painted grim picture of the property market. It revealed that surveyors were finding it difficult to sell even one property per week in September and the average of transactions per surveyor in 3 months to September was dismal 11.5.