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Secured loans 'may return to London market'

Secured loans 'may return to London market'

Category: Loans

Updated: 13/11/2008
First Published: 13/11/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The London property market could be set to make a recovery, it has been suggested.

According to Michael O'Flynn, content editor at FindaProperty.com, prices in the capital had further to fall as the boom there had inflated values.

But with the economic downturn creating problems in the financial sector, he noted that London had experienced some of the worst effects.

Interest rate reductions will tempt more people to consider secured loans in the coming months, Mr O'Flynn predicted.

And he added: "There will come a tipping point at which buyers look at price falls and mortgage costs and conclude that it makes sense to buy again. Some are already finding this to be the case."

A recent study by Knight Frank found that London house prices had fallen by 3.9 per cent in October.

This represented the fastest monthly decline since the firm began recording prices and a 13.4 per cent drop since the peak in March.

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