Now may be good time to invest in London property in prime locations

Now may be a good time to invest in properties in prime locations in London, according to figures published in a new report.

The Jones Lang LaSalle London Prime New Homes index showed that prices fell 11.5 per cent during the third quarter of 2008 on top of a 6.8 per cent fall over the second quarter of 2008.

Commenting on the findings, Neil Chegwidden, director and head of residential research at Jones Lang LaSalle, told propertywire.com that the main casualty across housing markets was a decline in activity.

"These results clearly demonstrate that, having proven quite resilient to date, the prime and superprime London residential markets are also now faltering under the influence of the global financial fall out and the weakening housing markets elsewhere in the UK," he said.

Jones Lang LaSalle said last month that the commercial property market remained healthy after its auction achieved a 60 per cent sales rate and a turnover of £23 million.

Property Investment News posted on 17/11/2008 17:03:23