Prices on Hold; Homes and property;It's Static at the Moment but Wait for the Spring

By Bar-Hillel, Mira | The Evening Standard (London, England), February 28, 2001 | Go to article overview

Prices on Hold; Homes and property;It's Static at the Moment but Wait for the Spring


Bar-Hillel, Mira, The Evening Standard (London, England)


Byline: MIRA BAR-HILLEL

LONDON house prices were virtually static during the last three months of 2000, with sales a massive 20 per cent lower than in the previous three months, Land Registry figures reveal today. But these figures are three months behind market activity as last week's cut in interest rates will probably fuel a spring surge and produce a different picture in the near future.

Prices rose by only 1 per cent, following a 1.5 per cent rise between June and September. The price of an average London home is now just under [pound]196,000. When all sales at more than one million pounds are excluded, the average price falls to [pound]178,000. The annual price rise was 13 per cent, down from the 24 per cent recorded in June.

Within London, prices fell in many areas compared to the previous quarter.

The biggest drops were in boroughs which had enjoyed the sharpest increases earlier in 2000. In Wandsworth, the hottest spot until then, average prices fell by 13 per cent between September and Christmas. In Richmond they fell by 10 per cent, in Merton by 7 per cent and in Bromley by 5 per cent. Bucking the trend, prices rose by 11 per cent in Southwark, where there is a building boom.

Average prices were up 5 per cent in Newham and in Kensington and Chelsea.

Elsewhere, prices remained much the same.

However, the big news about the end of 2000 was the massive drop in sales. …

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