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LONDON-The predicted housing market crash may already be happening in central London, according to new research from FPDSavills. The prime Central London residential lettings market has seen rental values fall by 16% over the last 12 months, with rising levels of supply compounded by falling demand. And the picture is little brighter in the capital market.

Richard Donnell, Head of FPDSavills’ Residential Research Department, predicted that values in the prime Central London and South East market will suffer from a continued slowdown in the rate of grown. Volatile equity markets together with a general weakening of market sentiment have contributed to the situation.

However, in the longer term, market forces still make residential property a safe bet for investors, and FPDSavills predicts that London and the South East will face a continued shortfall of new houses being built. Further pressure on house prices and an increasing strain on key workers is likely to result.

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