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London home prices tumbleJust over a year ago I put down a bet with a friend and colleague that whatever happened in the economy, London house prices would not be significantly less by August 2008. We weren’t talking a fiver either; with the rash and blinkered view of someone who spent their entire life watching prices go up I pledged my future deposit. Well, I was drunk. I can only hope she is not checking the Citywire Blogs cause Rightmove today shows that asking prices in London tumbled a vertiginous 5.3% in the weeks up to midAugust. Oops. In the search for a silver lining I can at least console myself that the amount required for a deposit nowadays is significantly less than it was then. While these are of course only asking prices, and the headline line figure is hedged around with a number of other caveats you can read for yourself here, I can also take heart that each downward percentage movement is one step towards affording a home. While my forward forecasting skills may not be much to go on I would hazard a guess that a significant chunk of the population below 30 are reading these figures and thinking the same thing. City Wire |
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