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.
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 Bow Lock murder defendants blame each other for fatal attack
- 2 Woman treated at scene as 40 firefighters called to Bow tower block
- 3 Three stabbed in Chrisp Street chicken shop
- 4 Census 2021 indicates baby boom in one east London borough
- 5 Police officer sacked for 'turning blind eye’ to criminal husband
- 6 Latest data shows Covid admissions rising again at east London hospitals
- 7 8 charged after drugs raids in Hackney and Tower Hamlets
- 8 Council rapped by ombudsman after not following safeguarding procedures
- 9 V&A launches festival to celebrate 150 years in Bethnal Green
- 10 Footballer convicted of hate crime after homophobic abuse of opponent
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.