Signs of Hope In London's Real Estate Market?
Could there be a glimmer of hope in the collapsed London real estate market? Bloomberg delivers the news from Knight Frank LLP which shows that luxury home prices increased in April for the first time since March 2008. The average value of homes over 1 million pounds rose a modest 0.4 percent from the previous month. With the pound trending low against both the dollar and the euro London homes are becoming more tempting to foreign buyers once again even though the bank accounts of some of those buyers may be a bit diminished. The gains seen by Knight Frank were at the lower end of the luxury market. The downward trend continued with properties costing more than 10 million pounds which fell by 2.2 percent in value from March. But since U.K. house prices as a whole rose in March for the first time since way back in October 2007 and sales and viewings are on the rise it does seem that a bottom may have been reached.
