Saturday, May 30, 2009

It sounds more like it…

London Luxury-Home Prices Decline 20% as Banking Jobs Are Cut

London luxury-home prices fell about 20 percent in May from a year ago as job cuts in the financial- services industry reduced demand, Knight Frank LLP said. Prime residential properties have lost value on an annual basis for 11 straight quarters and won’t recover until the second quarter of 2010, according to Knight Frank. Prices will probably fall by a total of 30 percent from the market’s peak in March 2008, the broker estimates. “We are approaching the back end of the price declines,” said Liam Bailey, Knight Frank’s head of residential research, by telephone. Property values won’t return to the levels reached last year until 2014 at the earliest, he said.

Posted by attila @ 04:03 PM (704 views)
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One thought on “It sounds more like it…

  • and just wait when interest rates will go up…

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