London weathers house price falls

Posted: 07 Jul 2008 18:25:27 GMT

A new report has shown that the country's capital has experienced growth in house prices over the year.

A new report has shown that the country's capital has experienced growth in house prices over the year.

Chesterton's House Price Poll of Polls (PoP) compiled by the Centre for Economics and Business Research (CEBR) has revealed that London experience a 6.4 per cent increase in house prices over the past 12 months.

Whilst overall transaction prices are down, the CEBR has said that they "are not yet bearing out fears of a crash that have been stoked by falls in asking prices and the value of mortgages offered".

Douglas McWilliams, chief executive of CEBR, commented: "The housing market is mirroring retail behaviour: while surveys show sentiment at rock bottom, actions show a different story. Consumers are acting as if they expect more buoyant market conditions to resume."

Although house price growth in England and Wales has slowed markedly, the average value of a home in June 2008 was still 1.3 per cent higher than in the same month last year.


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