Economic news

Asked prices for London homes fall the biggest since onset of financial crisis

The home prices that Londoners are looking to get for their houses dropped the biggest from the onset of the financial crisis this January, while prices nearly everywhere across the rest of the UK are going up, as today’s data demonstrates.

British capital’s flourishing home market in the past, has decelerated over the last year, affected by hiked purchase taxes for luxury houses and the referendum on Brexit in the summer of 2016, which lowered the appetite of foreigners for London real estate and stirred worries of massive finance job losses.

The mean price of a London house in January made up £600,926, which is 3.5% down from the same period of 2017 and it is a maximum fall since June 2009, according to the UK’s largest real estate website Rightmove.

As for the rest of the country, in most other regions prices showed growth by 4% or above, and the mean asked price reached nearly £300,000. 2018 home market activity measurements point to a stable high demand, Rightmove said.

British capital home market has given other signals of deceleration as well. As Nationwide company said some time back in January, prices in London moved down by 0.5% over the past year, being the first time of a yearly decrease since 2009.



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