Prices of Real Estates in London are falling
Housing prices in London fell more than in any other region of the UK this year and will probably continue to fall in 2009, as economists expect a deepening of recession in the UK, reported today by Hometrack. Housing prices have fallen by 10.1 per cent in the capital of the United Kingdom, to an average reduction of prices by 8.7 percent nationwide this year. Only in December house price in London fell by 1 percent, to fall by 0.9 percent in the UK as a whole. House price in England and Wales have fallen to an average 159 900 pounds, according to the market research company Hometrack.
Housing on the island already cheapen 15 consecutive months, having decreased by 9.3 percent since the beginning of the crisis in August 2007. According to the survey average time of properties sold in December was 12 weeks compared to 8.3 weeks year earlier and six weeks in April 2007. The average final selling price has reached 88.6 percent of the initial bid, against 93.5 percent in December 2007. Housing prices in Britain are trouble in the past 10 years, reaching their highest levels in the middle of last year. At present, banks have limited lending trying to increase its capital base and to restore its fiscal balance in the face of recession depth and growth of unemployment in the country. Government led by Prime Minister of Britain Gordon Brown will announce new measures for the recovery of credit in the next month after the sharp reduction in the basic interest of the Central Bank of England does not lead to a thawing of credit resources.
Labels: Financial News
posted by Zoritza Petrova @ 7:28 AM
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