The housing market in the capital is market is close to bottoming out, according to London property specialist Marsh & Parsons.
The firm says prices in most areas of London had fallen by 25-30% and were back to the levels seen in 2004.
Marsh & Parsons revealed it enjoyed double of the agreed sales so far in 2009 compared to the corresponding period in 2008.
Peter Rollings, managing director of Marsh & Parsons, said there were some signs that the property market in the capital was "starting to stir."
He says: "It is worth noting that since 1945 property prices have appreciated by 174% in any 10 year period.
"I do not know for certain that we have reached the bottom however what I do know is that in two years London property prices will be higher than they are now and in five years they will be substantially higher."
Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
Continuing the Architas education series for clients.
Needs to apply for authorisation