London house prices at 2006 levels according to the Land Registry

Musings of a London Property Search Agent

Releasing the latest property sold data for February, The Land Registry has likened current London house prices to those of August 2006 - which is not too bad considering country prices have dropped to levels last seen in September 2004. 

Several London boroughs have made monthly gains, led by Islington with a gain in average prices of 1.2%.  However there have also been significant price falls, led by the borough of Camden, which boasts the celubrious districts of Hampstead and Bloomsbury.  Camden prices fell 4.3% in February, down 16% year on year.  Other boroughs showing price falls of 3% or more are led by Greenwich where prices are down 3.9% include   Hackney, Havering, Hillingdon and Haringey.

House prices in Westminster and The Royal Borough fell 2.2% and 2.7% respectively in February and have posted annual average falls of 11.5% and 15.4%.

With regard to green shoots, the Land Registry data shows that the number of transactions has started to creep up, from 33% of the norm to nearer 40%.  Estate Agents have been a bit more positive this year and we have certainly seen more activity.  London property Search Agents are particularly interested in the number of transactions per month and for us, the top end is particularly significant.  The number of London property transactions over £1 million has dropped to by 55% - slightly less than the market as a whole thanks to foreign buyers taking advantage of the currency discounts associated by the fall of the pound.  With the dollar and the euro starting to tumble, hopefully the number of well-heeled Asian buyers wanting a UK base will continue to grow. 

Sadly, there are still people prepared too much for property and we have been outbid on one home where we have had to advise our Client not to match the winning bid, as it is far too high.  Contact the London Property Search Agent to find the right price for your dream home

Technorati Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices