The Rightmove Co. UK. who made a new research about London’s property market has found out that average prices in the capital has fallen by 5.4 percent in July. This is supposed to be a dramatic fall as the property market had been a prosperous one in the past year.
This has affected the property markets in the surrounding territories as well by a price decrease of 3.8 percent and in the South-East by 3.7.
The other reason is the sellers who come to the property market with a firm intention of selling properties during the peak of the holiday season, ie in July, has resulted in prices falling down by an average of £. 21,000- than last month.
Wandsworth is one of the worst affected by the changeable trend of the property market. Their average price in demand for a property worth at £ 521,653 a month ago, is now fallen by 7.9 percent to £. 480,555. Comparably Brent has seen a price fall of 7.5 percent and Kingston-upon-Thames by 7.2 percent. Richmond-upon-Thames by a decrease of 6.8 percent.
However, it is evident that the areas following the Olympic linked East London Line Extension which will be opened in 2010 would look for a price growth of London’s property market in future.
According to Miles Shipside of Rightmove , the new sellers coming to the property markets at Tower Hamlets, Hackney, Islington and to a fewer extent of Southwark which will be benefitted from the improved transport links, might be able to avoid the drastic downfall as in the capital and would catch up with upcoming property markets in these areas in near future.
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