London house prices hit hardest

House prices in London fell further than in any other part of Britain in 2008, figures from Hometrack reveal. London prices fell by 10.1 per cent on average, compared with an 8.7 per cent overall slump. Hometrack estimate that a further 12 per cent fall will come next year, as forced job losses will lead to more sales in 2009. During December, it took on average twice as long - 12 weeks - to sell a property than it did at the peak of the housing boom in April 2007; while the proportion of the asking price achieved has also fallen to 88.6 per cent, down from 95.7 per cent at the April 2007 peak.