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."
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