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Flood of city apartments likely to trigger price fall

Flood of city apartments likely to trigger price fall

The London property market has systematically performed well above analysts' expectations during the last couple of years and has led recovery throughout the UK property world.

However supposition from one of the cities large estate chains suggests that the cost of apartments throughout the capital will drop by as much as ten per cent by the end of the year.

Increasing numbers of apartments are coming onto the market and as this type of property largely appeals to the first time buyer sector who are struggling to afford the huge deposits now needed to secure home loan finance asking prices are expected to fall in order to attract buyers.

A spokesman for the Winkworth agency believes house prices in the London property market will hold strong for the remainder of the year driven by a huge shortage of supply and ever increasing numbers of buyers hoping to upsize and take advantage of the historically low interest rates on UK mortgages.

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Published: 13-Sep-10

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