A REPORTED down-turn in London's property market, that has led to the largest gap between the average advertised price and selling price throughout the capital's properties, has been shrugged off by the borough of Hounslow, named as one of only four supposed hotspot' boroughs.

Figures released this week from property analysts, Hometrack, suggest that homeowners are slashing thousands off their asking prices as a downturn in the property market picks up speed.

Traditionally the selling price of houses has averaged between 96 and 98 per cent of the advertised price in England. The new London figure is 91 per cent, but Hounslow was referred to as a hot-spot' by a commentary on the figures in the Evening Standard newspaper, who claimed homes in the borough had been recovering well from the shock of September 11th.

Average prices in the capital fell by 0.1 per cent in April for the sixth month in a row, with twenty boroughs reporting falls, the largest of which was Barking and Dagenham, by 0.8 per cent.

Four boroughs, including Hounslow (at 0.1) reported rises, with the biggest increase being Tower Hamlets, at 0.2 per cent, while nine reported no change.

May 1, 2003 16:00