Property prices weaken in Central London
According to Liam Bailey, Head of Residential Research at Knight Frank, prices for housing in prime central London housing market remained unchanged in April with a barely noticeable growth rate of 0.1%. The overarching trend over the last few months is one of continuing slowdown, with a modest inflation rate of 0.8%; the lowest rate of growth since February 2005.
According to research carried out by Knight Frank, prime property prices have risen by 17.3% over the last year. The ratio of achieved price to asking price has fallen markedly over the last 12 months with an average of 96% of original sale price being achieved in April, in April 2007 the figure was 102%.
A year ago vendors could expect to see their property move through the market in just over a month, now the sales can take up to two and a half months. Houses in Central London area are not as easy to sell as they were 12 months ago.