Prices in expensive areas fall
House prices in London's most expensive areas fell by up to ?29,000 in June, a report reveals today.
Central London homes, which averaged ?1,152,890 at the start of the year, fluctuated between February and May but then fell to ?1,123,663 at the end of last month. An index produced by property website Primelocation shows what could be the first results of rising interest rates on top London prices. It reveals a fall of 1.3 per cent in June, compared to the 1.2 per cent increase in the price of the average UK house during the same period found by Halifax.
The Bank of England has raised rates twice in the past two months. Mortgage rates are now 0.75 per cent higher than last November and could be raised again this week. Of London's most expensive areas, prices fell in four out of five.