London property 'past the worst'

London property 'past the worst'

The property market in London could be past the worst part of the recent slowdown in activity, an expert has suggested.

According to Michael O'Flynn, the content editor of FindaProperty.com, it is "very difficult" to make predictions about the capital's housing sector but there are signs that it may soon improve.

If house prices and interest rates continue to fall over the coming months the market may be kick-started back into action again, he stated.

"There will come a tipping point at which buyers look at price falls and mortgage costs and conclude that it makes sense to buy again," he said.

Mr O'Flynn added that he feels the market is about halfway through the economic downturn at present.

In October, the average house price in the UK was £158,872 - a 14.6 per cent drop compared to the same time in 2007 - figures from Nationwide revealed.
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