London continues to be one of the few UK areas apparently immune to the house price slump, according to new figures. Estate agency Chesterton says its house price “Poll of Polls” shows the capital’s market is still seeing growth.
London’s property has seen a 6.4 per cent average price growth over the year to June 2008, according to the figures, while overall annual price growth in England and Wales decreased for the tenth successive month.
According to Chesterton, 19 of the country’s 20 most expensive locations are in London, with the exception is Windsor and Maidenhead. Only one of the 19 has seen a price decrease – Southwark, down 1.4 per cent on a year ago, the figures suggest.
The report was compiled by the Centre for Economics and Business Research (CEBR) and also revealed detached houses are holding up best in London, with flats and terraces slightly less popular.
CEBR chief executive Douglas McWilliams said the findings suggested house prices were “drifting downward” rather than freefalling.
Chesterton boss Robert Bartlett said:
“Much like our British summer, glimmers of sunshine can be seen. Annual house prices are still ahead of last year and half of London saw a month-on-month increase in house price.
“This is borne out by the extraordinary performances of a number of our offices. Lettings continue to grow from strength to strength.”
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