London House Prices Post Biggest Annual Decline in Eight Years
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April asking values decrease 1.5% y/y, Rightmove says
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Central areas leading the drop as high prices put off buyers
London house prices posted their largest annual drop in almost eight years in April as buyers shunned the capital’s central areas.
The average asking price in the city fell 1.5 percent to 636,777 pounds ($813,000) this month from a year earlier, the largest annual decline since May 2009, property website Rightmove Plc said on Monday. On the month, London asking prices decreased 2 percent.
London’s housing market has underperformed the rest of the country since the start of 2016 after demand was hit by unaffordable valuations, the Brexit vote and tax increases on investors. More expensive homes are suffering the most as London’s inner areas posted a 4.2 percent annual decline, while prices in its cheaper outer suburbs were up 1.7 percent…
London House Prices Post Biggest Annual Decline in Eight Years
