Musings of a London Property Search Agent

London house prices have experienced the largest monthly drop since the House Price Index was published in April 2000, according to the Land Registry, which published sold residential property prices to the end of June, today.

Overall London prices have dropped 2.53% since May, which takes annual London house price growth down to 2.4% from 6.3% in May.

It’s not bad news for all boroughs however: property prices in Kingston, Southwark, Havering and Kensington and Chelsea increased month on month. An average home in the the Royal Borough is now worth £56,000 more than it was in September of last year, at the beginning of the Credit Crunch.

Other boroughs which continue to show good annual growth include Westminster (+15%), Hackney (+11%), Camden (+11%) and Tower Hamlets (+10%).

It remains a tough market and not all vendors will be able to capitalise on gains made this year as buyers continue to be in short supply, however it would appear that sales volumes are up slightly in London, particularly among properties sold for over £2 million and for those between £500K and £1.5 million.

If you are wanting to buy then this London Property search Agent may be able to help you.

Technorati Tags: Boroughs with Growth, Camden, Hackney, House Prices, London House Prices, London Property Search Agent, Tower Hamlets, Westminster

Tags: Boroughs with Growth, Camden, Hackney, House Prices, London House Prices, London Property Search Agent, Tower Hamlets, Westminster

Musings of a London Proerty Search Agent

John Hunt, the founder of Foxtons who sold the Estate Agency just before the beginning of the Credit Crunch explained that his timing was lucky in The Evening Standard today.

He sold the business to a private equity group for £370 million in a deal which was concluded last summer.

He suggested that prices could drop 20-25% and take 5 years to recover but added, “The next 20 years for London could be fantastic, subject to the politicians. They’re the real problem. If only we could get another Thatcher, to put London on the map, then property prices would explode.”

He agreed that central London prices remain strong, picking out 2-3 bedroom flats and top end houses as particularly robust.

Our view is that even if the worst were to happen and prices do drop 20-25% – owner occupiers should remember that prices rose 13% in 2007 so at worst that takes prices back to the levels seen in 2006.

In our experience the only property selling at those levels are repossessions, auction property and those owned by desperate sellers. There are certainly rich pickings if you know where to look and this London Property Search Agent does, but unless everyone decides to sell up at any price, there is too much demand for London in particular to be very seriously hit.

Technorati Tags: London Prices, London Property Search Agent, Property price

Tags: London Prices, London Property Search Agent, Property price

Musings of a London Property Search Agent

Analysis of the latest figures on the Land Registry House Price Index shows that residential home sales are down 50% points across London with minimal variation between the Boroughs.

So yes, that means if you live in Brent and are struggling to sell, your counterparts in Westminster and Kensington & Chelsea have similar problems.

According to figures from the NAEA, the National Association of Estate Agents, members sold an average of 6 properties in June. We would be prepared to bet that agents in London and the South East are faring slightly better than other parts of the UK.  For further advice on buying call this Property Search Agent

Technorati Tags: Home sales down, London Property Search Agent

Tags: Home sales down, London Property Search Agent