'Worst may be over' for London house sellers

If you live in London and are looking to sell your own home then news that the worst may be over for the city's property market is likely to be welcome.

According to FindaProperty.com, the previous boom in property prices was led by the capital and it is now seeing some of the lowest activity levels in the country.

"This is partly because prices became more stretched in London and therefore have further to come down," Michael O'Flynn, content editor of FindaProperty.com claimed.

He also said that is it difficult to make predictions about the market as the economic downturn has taken a great deal of money out of the city, having a knock-on effect on property.

In October the average price of a house was £158,872, Nationwide found. This is a decline of 1.4 per cent from the previous month and 14.6 per cent from 2007.

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Published on: November 13, 2008

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