Prices of the house in London falls for the first time in 8 years

LONDON: House prices in London have fallen for the first time since 2009 and prices across Britain overall rose at their slowest pace in more than four years in September, mortgage lender Nationwide said on Friday.

In the latest sign of the slowdown in Britain’s housing market since last year’s Brexit vote, Nationwide said prices in London fell by an annual 0.6 percent this month.

The British capital — which has attracted property investors around the world — represented the weakest performing region in the country for the first time since 2005.

Nationally, Nationwide said house prices rose 2.0 percent year-on-year in September, slowing slightly from a rise of 2.1 percent in August and the weakest increase since June 2013.

A Reuters poll of economists had pointed to the annual growth of 1.9 percent for house prices across Britain.

Nationwide said pressure on household incomes, caused by rising inflation and slow wage growth, was canceling out some of the support for the market from rock-bottom interest rates.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *