Wednesday, February 6, 2008

London sinking

Fears for the housing market spread to prime Central London

"Worries over the housing market have spread to Central London, where prices for prime houses and flats in the £1 million to £2 million bracket were flat, Knight Frank, the estate agent, reported. Prices of Central London property worth up to £1 million rose by only 0.2 per cent in January, while homes priced in the £1 million to £5 million bracket rose by 0.7 per cent as demand fell among bankers with smaller bonuses to spend." I suspect the "flat" refers to a gridlock market. Property realization prices will fall sharply now that many are falling under the auction market.

Posted by confused76 @ 09:18 AM (494 views)
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One thought on “London sinking

  • sold 2 rent 1 says:

    When the market turned in Ireland in August 2006 the price rises were billed at around 1pc on the month
    In reality though asking prices had been running at 20pc per year so we had to slash our expectations of of 420K to 370K to get the sale completed by xmas.
    The situation has got steadily worse

    12 months from now there will be massive y-o-y drops in London HPs.

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