Monday, 18 June 2007

The crash will happen, even in London

Somewhat reluctantly, even London is edging towards an inevitable housing crash. According to Rightmove PLC, London house prices in June rose at the slowest pace in five months in June. Furthermore, home prices fell in more than half of London boroughs.

Home values fell in 17 of the city's 32 borough. Southwark had the largest price drop on the month, falling 2.8 percent. The next-biggest decline was 2.4 percent in Hounslow. Nevertheless, Kensington and Chelsea is still gaining. House prices there went up 3.4 percent on the month.

More ominiously, the average time for a home to stay on the market rose to 69 days from 65 days; a sure sign that the market is turning.


Anonymous said...

good job pal!

I'll stay tuned with your blog for more news.

Best regards from Italy

Phil said...

The suburbs and undesirable parts of London will crash for sure, but the best bits won't, just like last time.

Hop back over to HPC and look at the London map during the last crash. Prices in K&C rose about 39% while all else was falling.

Some areas are immune.