London’s luxury property prices decrease at a record-breaking rate

[Brocke]

London’s luxury property prices decrease at a record-breaking rate

Cost of premium class housing in the most prestigious areas of UK capital declined in 2008 by the most in more than three decades, reports the London-based Knight Frank.

The average price of an apartment or a house in Mayfair, St John's Wood, Regent's Park, Kensington, Notting Hill, Chelsea, Knightsbridge, Belgravia and South Bank neighborhoods of London fell by 17.2% in 2008, Bloomberg reports.

This December the housing prices declined by 2.2%, which is a ninth consecutive monthly drop. It should be noted that the Knight Frank index mostly covers homes priced not less than a million pounds.

Experts relate the decline of demand for central London’s premium class properties to the global financial crisis which could cost the City 60,000 jobs in banking, finance and insurance by the end of 2010.

http://prian.eu/news/12925.html