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Slide in London property values slows

01 February 2005
Property values in London fell again in January, for the seventh month in a row, according to a new Hometrack survey.

The company found that last month prices dropped 0.4 per cent, but this fall is smaller than the last two months which saw drops of 0.9 per cent.

The average price of a property in London now stands at £262,900 which is £13,000 lower than its June peak.

Hometrack's housing economist, John Wriglesworth, said: "London has been hit hard by the price falls over the past six months, and this month shows no signs of an imminent recovery.

"The Bank of England's decision to maintain interest rates at their current level has brought a degree of confidence back into the market, but we will continue to see modest falls in the coming months as the market adjusts to a new, more sustainable level.

"I continue to predict -5 per cent house price falls for 2005.”

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