13
Nov
London property 'past the worst'
The property market in London could be past the worst part of the
recent slowdown in activity, an expert has suggested.
According to Michael O'Flynn, the content editor of
FindaProperty.com, it is "very difficult" to make predictions about
the capital's housing sector but there are signs that it may soon
improve.
If house prices and interest rates continue to fall over the coming
months the market may be kick-started back into action again, he
stated.
"There will come a tipping point at which buyers look at price
falls and mortgage costs and conclude that it makes sense to buy
again," he said.
Mr O'Flynn added that he feels the market is about halfway through
the economic downturn at present.
In October, the average house price in the UK was £158,872 - a
14.6 per cent drop compared to the same time in 2007 - figures from
Nationwide revealed.
