25/04/2008

Central London market slows

Knight Frank reports that the pattern of slower monthly growth rates seen over the last five months continued into March, with its prime central London index recording near even growth of just 0.1%, the same level as November 2007 and the lowest level since January 2005.  This slowdown was also reflected in its quarterly figures, which show prices of properties in this sector, the traditional flagship for the UK property market, increasing by only 1.8%.

Slower monthly growth is feeding through to sharply lower annualised growth rates, with prices standing 20.4% higher in the year to March, the slowest growth since June 2006. Sales volumes across prime London fell by 20% year on year during the first quarter of 2008.

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