From the Times: London house price fall of 6.8% in past month stokes economy fears.
House prices in London have fallen by an average of £28,000 in the past month, as the capital sets the pace of an accelerating property downturn, a leading survey reports today.
Rightmove, the property website that tracks asking prices for homes across the market, says that prices tumbled by £20,000 a week in affluent Kensington and Chelsea – and by more than £10,000 a week in inner-city Hackney.
The company’s data shows that house prices fell by 3.2 per cent across the country, and by 6.8 per cent in London, over the month to the middle of December.
6.8% in a month is a fuckload of a fall, boys and girls.
I thought London was special. Prices never go down in Chelsea, Kensington and Wimbledon. While the Yanks were stupid enough to make sub-prime loans in Cleveland, they were the financially savvy ones, and because of that they were going to be the financial capital of the world (along with Dubai), and New York was in trouble, and the Brits were going to buy up most of Manhattan.
What happened instead, huh?
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