Peter Rollings commenting on todays figures from the Land Registry
Mon 28 Jul 2008
"Although the fall in London house prices has been greater than the average for the country as a whole, this is not all bad news as it signifies that London has reacted much quicker to changing market conditions. However, to keep things in perspective, London property prices are still ahead 2.4% compared to last year. Comparatively speaking, London is better off than places like the Midlands where prices have fallen 2.3% in the last year.
And these falls have not hit London universally. There is still a good market for quality properties and surprisingly perhaps, the Land Registry figures actually show that prices have risen 1.1% in the last month in Kensington & Chelsea for instance. Further more, although prices in Westminster dropped 0.8% in the last month - theyve still risen by an impressive15.3% since 2007.
With the London market having reacted to the present market conditions, this is a good time to be buying in London and there are some absolute steals on the market at present."