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London house prices holding steady
A second report within a week indicates that things may not be as bad in the capital as some commentators claim.
The latest FT House Price Index has reported that prices dropped by just 0.3 per cent in July, which represents a much gentler slide than is being reported by the mortgage and property companies that provide similar reports.
Widely seen as one of the most accurate housing market reports, due largely to its strong correlation with figures reported three months in arrears by the Land Registry, the FT index tracks completed sales, adjusted to reflect the mix of housing across the country.
According to the FT Index, some areas in the capital are still seeing strong annualized growth. Camden is at the forefront with gains of around 17.5 per cent year on year. At the other end of the scale, however, prices in the City fell by nearly as much, with a drop of 14.7 per cent.
Outside London, the trends are equally mixed. Half the regions in the report show annualized gains over the last three months, with some pockets seeing double-digit growth.
Windsor, Maidenhead, Northumberland and Buckinghamshire have all been fairly buoyant, and prices there continue to buck the trend seen in less sought-after locations.
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