Tuesday, Sep 25, 2007
Braced for prices to fall back by up to 5% between the end of this month and the new year, the report says.
timesonline.co.uk: Prime London Property Braced For A Fall -
Prices of multimillion-pound homes in Central London may fall over the coming months as weaker financial markets and fears over patchy City bonuses and job security take their toll, reports The Times in London Tuesday.
Savills PLC (SVS.LN), the property agency, expects minimal price growth - at best - over the coming six months and is braced for prices to fall back by up to 5% between the end of this month and the new year, the report says.
he agency is the first to adjust its growth expectations for prime parts of Central London, it Times reported.
Posted by chris @ 07:28 AM (291 views) Add Comment
4 Comments
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1. alan said...
Can't see anyone is going to get stressed about a 5% cut. Prices have gone up at 2% a month for several years now.
Anyway, what's the importance of 5% to someone who will spend £3m on a nice pad?
2. Refusetobuy said...
People will pay more for houses when they see that houses are going up. We've seen evidence of that over the past 5 years.
I bet the opposite is true too, People pay less for houses when they see that houses are going down.
The percentage value isn't as important as the new direction.
This is only at the top of the market but, again, if bankers paying more for £m houses has increased the overall market in London then I don't see why the reverse wouldn't be true.
3. Nelson said...
5% of £3m is £150k - noone likes to loose that much - especially rich people! Plus if you add in inflation - its more like 9% lost on their investment.
A property agent in Wandsworth I spoke to said he was avoiding buying in overpriced Putney because if the prices go down - even by a small amount like 5%- its a much bigger actual loss than 5% on a cheaper property outside of London.
4. paul said...
In a short while, smarter estate agents will start advertising REDUCED signs outside properties.