Property prices in central London fell by 3.9% in October – the fastest decline on record, says Knight Frank.
It means that since March, prices of houses in the UK’s most expensive location have tumbled by 13.4%.
Liam Bailey, head of residential research at Knight Frank, said: “The market has been in decline in terms of sales rates for well over 12 months. Price falls began in earnest in March, although properties under £2m were falling as long as a year ago.
“However, this general decline was given additional impetus in September and October this year.”
A 4% fall in price in a month equates to £160,000 on a £4m house or more than £5,000 a day.
How to lose £5,000 a day – own a house in London
05 November 2008
Comments
Hey Mr Brightmove.co.uk. Why don't you leave off for a little while eh? Your inane comments on EVERY single story on EAT are really irritating to those trying to follow important debates. Your site is terrible and has no properties on it. Rather than spending 2 hours a day clogging up EAT with banality why don't you spend some money on web design and try to establish a proper portal.
All very merry..however how many of us deal with £4m property? Not that many..so not really relevant to most of your readers.
Hey Rosalind! Can't we have just one happy success story a day? We all need a tonic and I am fast running out of aspirins.
We are in a cyclical downturn. When the market does return prices in London could well increase by £5000 a day. It is all a question of timing if money is to be made.