House prices are finally falling in London:
Asking prices in London fell 5.3% in August, according to the Rightmove house price survey – equivalent to a ߣ21,000 drop in a single month. Prices in some of the most sought-after suburbs are falling much lower. The average asking price in Wandsworth fell from £522,000 to £481,000 in a single month – or 7.9%.
In dollar terms, of course, it’s much worse: £522,000 on July 15 was $1,045,000, while £481,000 on August 15 was $896,000. That’s a drop of $149,000, or 14.3%, in one month.
And this is in Wandsworth (there’s a map here if you don’t know where Wandsworth is) — a perfectly pleasant borough, but nothing spectacular. The main reason to live there is that you can’t afford something nicer: that the average asking price there was ever more than a million dollars is simply astonishing.
(Via Smith)