Estate Agents In West Hampstead And Other Prime London Locations See House Value Slump

Central London estate agent Knight Frank has carried out some research into the state of the housing market in recent weeks.

This research has revealed that properties in central locations in London will rise in fall and many estate agents in West Hampstead and other locations such as St Johns Wood will see this effect first hand.

And according to these falling figures prices for luxury property in locations such as Kensington and Chelsea have fallen by 0.5% from the same period last year.

Estate agents in Primrose Hill may also be affected by the downturn in house valuations as the market struggles to recover from the worst economic recession for a generation.

With low interest rates and with less people putting their homes on the market, international buyers are being encouraged to buy in the UK market.

Liam Bailey, head of residential research at Knight Frank also believes that sellers are being over ambitious when asking for particular prices.

He said: The main problem now facing vendors in the capital is over ambitions pricing on stock- which in some cases means that asking prices are between 5% and 10% higher than buyer expectations.

Estate agents in West Hampstead and in other prime locations in the capital will now be seeing prices that have fallen by up to 6% compared to those in March 2008.

This recent research also predicts that prices are likely to fall by a further 3.2% by the end of this year making it more difficult for first time buyers to get on the property ladder.

Mr Bailey has also concluded that the number of people now renting properties has risen, however this increase in demand may also reflect an increase in rising rents throughout prime locations in London.

by: Andrews Alzberg

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