London house prices drop—but still better than 12 months ago
HOUSE prices in London have dropped by half a per cent this month, the second monthly decline according to one property website. The average is just under �433,000, but still seven per cent more than January last year
HOUSE prices in London have dropped by half a per cent this month, the second monthly decline according to one property website.
The average is just under �433,000, but still seven per cent more than January 2009.
Surprisingly, average price in Tower Hamlets which includes the prosperous Canary Wharf has dropped just under one per cent.
Yet London remains the most expensive place in Britain for first time’ buyers, says FindaProperty.com.
You may also want to watch:
They need to raise three-and-a-half times their gross annual household income for a deposit on a mortgage, compared to the national average of one-and-a-half times.
Nigel Lewis, from FindaProperty, said: “The lack of supply continues to be an issue. But the London market is likely to continue recovering into 2010, although perhaps slower than last year.”
There was a fairly even split across London, with asking’ prices increasing in 16 boroughs since last month and falling in another 15, while unchanged in two.
- 1 Sentencing of arms dealers set for one year after Isle of Dogs raid
- 2 Two men arrested in connection with Shadwell double stabbing
- 3 Jailed: Robbers who targeted OAPs at east London cashpoints
- 4 Man found with stab injuries in Stepney
- 5 Teenager suffers 'life-changing' injuries after alleged attack in Shadwell
- 6 Jailed: Tower Hamlets man who tried to rape another man
- 7 David Gomoh's killers jailed 101 years total for Canning Town murder
- 8 Man who died in Mile End park named
- 9 Leyton Orient seal first away win of the season at Bristol Rovers
- 10 'Food delivery' youth in suspect Shoreditch drugs bust
Rises were moderate in East London, except for Tower Hamlets where the average dropped 0.9 per cent from December to almost �340,000.
Neighbouring Hackney’s average is up 1.5 per cent to just under �345,000, while Newham is up 1 per cent to just over �229,000.