London property already down 20% - estate agent

The London-based firm says irresponsible lending has caused house prices to become overheated in the capital, and claims many asking prices are overly optimistic. KFH says its own experience in the London market indicates prices have already fallen 20% from their peak in the summer of 2007, with 10% wiped off values so far this year. Lee Watts, managing director of KFH, says: “Some institutions and commentators have announced falls of between 9% and 12%, but I would say based on London alone, these figures are wildly inaccurate.” He says the average gap between asking prices and selling ...