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London prices at rock bottom?

Jude Buttle

Property prices in London have dropped 15% this year, but experts predict the trend is unlikely to continue.

The fall in the price of London homes is continuing to slow, according to the latest data from haart estate agents.

The average price decrease was only 0.25% last month (from £248,155 in July to £247,524 in August).

Haart's figures show that property prices actually rose in West London (0.52%), South West London (0.29%) and South East London (0.21%), while North West London experienced the largest decline in property prices, with a -1.02% drop.

Haart predict that the slight improvement in the market is an indication that London has seen the worst of the slowdown.

There were also encouraging signs with the rise in achievable asking prices, which rose to 95.5% from 95% the previous month.

Russell Jervis, Managing Director of haart, said: "Encouragingly, our branches are witnessing a definite trend of vendors insisting that their property is valued realistically, as opposed to earlier in the year, when many were still hoping to market their property at a slightly inflated price.

"This is undoubtedly a price led market, and vendors are much more likely to achieve a sale, possibly in a shorter space of time, at the right price."