PROPERTY prices for apartments in Telford Gardens, Kowloon, have dropped from their high in August 1992, when prices per square foot reached $3,171. Last month's provisional price per sq ft for apartments in the estate was $2,979, according to Brooke Hillier Parker Research. Mr David Faulkner, a partner at Brooke Hillier Parker, said the average price of a 900 sq ft apartment in Telford Gardens cost between $1.5 million and $1.6 million. He added that first time home buyers were having difficulty raising the 30 per cent cash deposit required by Government regulations. ''A deposit for an apartment in this estate would be around $480,000, which does not include legal and other fees,'' he said. ''That's too much for many people.'' From January 1991 to August 1992, prices in Telford Gardens rose about 54 per cent. Mr Faulkner said the rise was fuelled by genuine demand from home buyers attracted to the area because of its easy access to urban areas. ''Speculators were not a player in the estate as they tend to favour new developments,'' said Mr Faulkner.