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.
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.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here