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House price pain persists in London

House price pain persists in London

Category: Mortgages

Updated: 14/01/2009
First Published: 13/01/2009

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 It is now over 6 months old so the content may be out of date.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 price of prime properties in central London fell a further 2.2% in December, contributing to a 16.9% fall over the whole of 2008, according to Knight Frank.

It is the ninth month in a row that a decline has been recorded and means prices have fallen more than 18% since the peak reached in March last year.

Properties costing between £1 million and £2.5 million have been hardest hit, and are 22% down from their peak.

"We are still holding to our forecast of a 30% peak-to-trough price adjustment - suggesting that by the spring we will be fast closing in on the low point of the market in terms of pricing," said Liam Bailey, head of residential research at Knight Frank.

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