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|London House Prices Fall|
- Survey is 'early warning signal' of more price fun to come
LONDON house prices are on the fall. That's the shock finding of a new survey by property website Rightmove.
"This fall is the first we have seen for some time and is an early warning signal that even the buoyant London economy is susceptible to market forces," said Rightmove’s Miles Shipside.
Though the fall, for July, was only 0.1 per cent, Shipside says the fact it came on the back of slowing price growth in the months previous is significant.
"This is the first time for over a year and a half that we have seen four consecutive months of such moderate increases," he said.
The recent chaos on the world's financial markets is also likely to take its toll on house prices, as City firms lay off some workers and reduce the bonuses of others, taking money out of the housing market.
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