Thursday, October 28, 2010
“some predict the most desirable parts of London are turning into Manhattan-on-Thames”
Nationwide Building Society figures which show house prices fell by an average of 0.7 per cent this month, indicate the emergence of a two-tier housing market. Ordinary mortalsâ€™ house prices are falling as mortgage lending slumps to its lowest level in a decade but the number of mansions fetching over a million pounds more than doubled during the last year, according to Halifax. Britainâ€™s biggest mortgage lender analysed Land Registry data and reports that nearly 3,000 properties were sold for more than Â£1m â€“ an increase of 118 per cent on the year before.