Article: [pounds sterling]80,000 drop as Chelsea joins the property slide; EXPENSIVE AREAS NOW AMONG BOROUGHS HIT BY FALL IN PRICES, SAYS SURVEY.

Byline: MIRA BAR-HILLEL

FALLING house prices are being experienced in parts of London which had previously seemed immune to the downturn, a report reveals today.

Figures show that the average property price in Kensington and Chelsea is now [pounds sterling]80,000 less than it was a year ago, and in Hammersmith and Fulham it is [pounds sterling]40,000 less than in June 2002.

In May, London's property market was split in two with house prices falling in half the boroughs, while the other half continued to rise. But over the last month prices in nine more boroughs have begun to fall, and today two-thirds of London is in the grip of a property ...

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