Wednesday, February 6, 2008
"Worries over the housing market have spread to Central London, where prices for prime houses and flats in the Â£1 million to Â£2 million bracket were flat, Knight Frank, the estate agent, reported. Prices of Central London property worth up to Â£1 million rose by only 0.2 per cent in January, while homes priced in the Â£1 million to Â£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.