17
Sep
Houses for sale in London 'falling in value'
The falling value of houses for sale in London is the result of
growing uncertainty about the economy, a property expert has
said.
Hugh Best, head of investment management at London Central
Portfolio, has suggested that fear over a double-dip recession will
mean that London's property market "will struggle for some
time".
He added that the "rate of growth has slowed in prime London
central" - a result likely to be caused by weak sterling.
Earlier this week, the Royal Institution of Chartered Surveyors
(Rics) revealed that 14 per cent more surveyors in August 2010
reported house prices in the capital falling rather than
rising.
It attributed this drop in value to an increased supply of
properties in the city.
Despite this, the Land Registry published figures last month, which
revealed that house prices in London rose by 1.6 per cent in July,
compared with the national average of 0.4 per cent. 