8 Oct

Homebuyers told: Houses for sale in London fallen in price

Homebuyers told: Houses for sale in London fallen in price

Homebuyers will be relieved to hear that a recent report has shown houses for sale in London have fallen in price.

According to findings by Knight Frank, September marked the third month in a row that property values in the capital have dropped.

In September 2010, prices fell by 0.2 per cent, marking a decline of 0.7 per cent since June.

Knight Frank's head of residential research Liam Bailey said: "Price falls over the past three months are not surprising, bearing in mind the strong growth we have seen since March 2009."

The report revealed that a year ago, values of London properties were 15 per cent lower than they are now.

Mr Bailey added that while sales slowed during the summer, the London market has "experienced a strong revival" over the last year and a half.

Despite this decline, the value of houses for sale in London still remains much greater than throughout the rest of the country, with Zoopla.co.uk recording that the average house is on the market for £413,450 in the capital, compared with £124,921 in North Lincolnshire. ADNFCR-1222-ID-800107029-ADNFCR

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