Wednesday, Mar 19, 2008
An Estate Agent actually predicting property price falls
Timesonline Money Bulletin: Savills fears City bonus impact on property
Savills, the property agency, has given warning of sharp price falls for multi-million-pound Central London flats and houses this year and next, reversing a forecast made last autumn.
Fears that City banking bonuses for the coming year will be a fraction of the last £7.4 billion annual payout is expected to put a further chill on demand for central London housing in the £1 million to £5 million bracket. House prices in this price bracket have already fallen on average 1.5 per cent during the first three months of this year.
Those price falls come after a decline of 2 per cent during the last three months of 2007, according to Savills. The property agency expects prices to continue falling quarter-on-quarter for the whole of 2008, ending down 4 per cent for the year.
2 Comments
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1. Landedgentry said...
But But But... immigrants... olympics... oil sheikhs...americans???
I suppose they know the game is up and changed "strategy": Lower commisions are better than no commisions.
2. Blank Cheque said...
Excelent. A noteworthy and relevant story.