London property plummeting the most

London homeowners will be bemoaning the fact that the average value of a London property fell faster than anywhere else in the country in 2008.

Figures released by the Chesterton House Price Centre for Economics and Business Research showed that the average London home fell in value by a massive 13.3 per cent year-on-year.

The average fall for the UK was 12.8 per cent, meaning homeowners in London have potentially lost thousands of pounds more on the value of their property compared to other homeowners around the UK.

Centre for Economics and Business Research chief executive Douglas McWilliams explained that the London market had suffered most as it had been surging ahead of the rest of the UK.

"The house price fall in London has narrowed the gap between prices in the capital and prices elsewhere in the United Kingdom," he said.

After 16 consecutive months of price falls and turmoil in the housing market, some homeowners may give up the idea of moving and concentrate on improving instead.

A bespoke conservatory could help homeowners forget the financial downturn and enjoy the famously warm London summers in style.

Halifax recently released figures suggesting the average UK house price fall was as much as 16.2 per cent.