Prime central London property 'shows annual decline'

Posted: 29 Aug 2008 13:25:04 GMT

            Property News - Prime central London property 'shows annual decline'

Prices for prime central London residential property fell by 1.3 per cent in August to record their fourth consecutive monthly fall, according to research from Knight Frank.

The independent property consultant explained that this latest drop pushed the annual growth rate for the prime central London property market into the negative for the first time since 2003.

Liam Bailey, head of residential research at the company, explained that prices are now 1.6 per cent less than they were a year ago.

"Prices in the capital's most expensive areas have now reverted to approximately the level they stood at in July 2007, following four consecutive months of falling prices," he explained.

However, Mr Bailey added that the price drop in August was significantly less than those recorded in July (1.6 per cent), June (1.7 per cent) and May (1.5 per cent).

Despite the state of the market in other places, financial services firm 1st Property Investment recently claimed that British seafront properties remain in strong demand with older buyers.

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