London Real Estate Sees Biggest Decline Fall in 14 Years
- May 13, 2008
London–London’s property market saw the most widespread price drops in 14 years in April due in part to a financial services sector decline and reduced lending, according to the Royal Institution of Chartered Surveyors.The number of residential property agents and surveyors who found prices declined surpassed the amount that reported growth by 94 percentage points in April–the lowest amount since records began in 1994. Bloomberg said.The surveyors’ country-wide reading fell to negative 95.1–the lowest reading since 1978.Last month, banks hiked the cost of their most popular mortgages up to the highest level in eight years, Bloomberg said. By 2011, London banks will eliminate 10,000 jobs because of credit market issues, according to a recent Experian Group Ltd. report.