October 23, 2007

Property prices in London falling

It seems that the house market in London is under pressure. The National Estate Agents Association is reporting that over 90 per cent of their members are noting a drop in prices. This could just be that there are not so many buyers around and therefore they are offering less which would force the price down.

The general feeling is that market prices have dropped by 10 per cent in some areas, while in others it could be as high a 17 per cent. Which is not great picture to be looking at; London was always strong and had been bolstered up by the amount of foreigners that have moved there.

But we are in a global property crisis now, which is not under anyone’s control, we all know that it started off in the states when the sub prime crisis came to a head. However there is light at the end of the tunnel, experts are predicting that there will be an improvement in 2009!

Source [Function Pix]