17 Sep

Houses for sale in London 'falling in value'

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. ADNFCR-1222-ID-800069566-ADNFCR

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