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London Prices Cool Down

Mon, 04 Sep 2006
The price of central London home increased by less than 1% in August as house prices cooled down, so new research shows.

Knight Frank estate agent, specialists in the luxurious end of the property market, showed that last month London house prices at exclusive addresses went up less than at any other time in 2005.

Summer has caught up with the central London residential property market as the monthly growth rate fell to under 1% in August.

The current growth rate is 1.5% lower than July and represents the lowest monthly growth since September 2005.

This slowdown follows a year's surging prices, leaving the average cost of prime London property 21.2% higher than 2005.

This is 6 times more growth than last summer .

On the back of this massive increase, the relative slow growth in August is something that has been anticipated.

The recent rate of price growth is not sustainable longer term and a change to a lower rate of growth is expected.

The global demand for central London property means UK base rate changes have less impact than in other UK markets .
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