London homes drop 7.5% in month

Posted: 02 Dec 2008 12:43:22 GMT

Top-of-the-range properties in London fell at record levels in November, it has been confirmed, as the market experienced a monthly drop of 7.5 per cent.

Properties priced at £10 million or more in the capital witnessed 7.5 per cent of their value shed between October and November, following a depressing cut of 3.9 per cent in the previous month.

Liam Bailey, head of residential research at Knight Frank, said: "These dramatic falls may be painful to vendors, but prime London property is increasingly looking like very good value, particularly to foreign buyers who also benefit from the weak pound."

"A fall of 15 per cent may translate to a fall of as much as 35 per cent to someone watching the market from the USA," he continued, reinforcing the significance of the weakening pound when looking at the fortunes of the housing market.

With house prices across all markets and in all areas of the country declining, selling a property is currently a difficult task.

Selling a property online, however, could make life easier by increasing the number of potential buyers who view the property, as well as offering a sale without the high costs of an estate agent.

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