29.08.2008 - London luxury homes register first annual price fall in 5 years
From Bloomberg: Luxury-home values in central London, the world's most expensive location for prime real estate, registered their first annual fall in five years as buyers were deterred by signs the economy may enter a recession.The average value of houses and apartments in London's nine most expensive neighborhoods dropped 1.6 percent from August 2007, broker Knight Frank LLP said today in a statement. Values fell 1.3 percent from July, the fourth consecutive monthly decline. Luxury homes in London, except those costing more than 10 million pounds ($18.4 million), have followed the slide in prices already experienced elsewhere in Britain as banks curb lending, shed staff and cut bonuses. Average U.K. home values dropped 10.5 percent this month from a year earlier, the largest decline since the final quarter of 1990, according to a report released yesterday by lender Nationwide Building Society..... Full Article: Source
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