London Property Market Continues to Struggle.

Following on from my post regarding Property Crash predictions, Ive just received this press release in my email tray.
Kind regards Hawkeye,

No denying London property crash
London’s premier homebuyer, SecureASale, this week announced the London housing market is in an undeniable crash.
Company Director, Tim Jackson says, “We are definitely in a crash, but not necessarily one that a price correction alone can solve.
“Despite the fall in prices, sales volumes in London are down around 70% year on year. This means that in effect, most houses won’t sell at any price, due mainly to the scarcity of ‘normal’ mortgage products on offer.”
Obtaining a mortgage has become increasingly difficult, particularly in the capital, over the past six months. This has left many would-be first-time buyers trapped in the unrewarding cycle of rented accommodation.
Jackson adds, “To get Nationwide’s widely publicised best tracker rate today, a purchaser has to put down a 40% deposit, a figure unthinkable only nine months ago and impossible for the vast majority of willing purchasers.”
He continues, “The truth is the housing crash is not a demand-led downturn like in the 1980s, but merely a side-effect of the credit crisis. The banks have turned off the tap of money and until they can find a way to get funds flowing again, the housing market will remain at the mercy of the institutions. In the meantime, property prices are in freefall and it’s either a fantastic buying opportunity or a fool’s playground. Time will tell.”

For more information on London homebuyer, SecureASale, visit http://www.secureasale.co.uk.