Thursday, October 2, 2008
Homes and Property section deemed waste of paper
The London housing market collapse is accelerating as a direct result of the City financial crisis, figures confirmed today. Prices in the capital have dropped by a record 9.4 per cent in the last year, wiping nearly £30,000 off the average value of a home, according to Nationwide.It now stands at £274,124, down from £302,486, with further steep falls expected in the rest of year. Nationwide chief economist Fionnula Earley said: "It is quite probable that going into the final quarter of the year, the aftermath of September's financial market gyrations will have a further negative impact on house prices in London."