Just in:
Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // French Leaders Gather for Interfaith Iftar Dinner // Emirati Aid Reaches Ukraine as Food Shortages Bite // Universal Language for Healthcare: General Authority Embraces Global Coding System // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Renewables Surge Sets Record, But Global Equity Lags // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // German Job Market Resilience Bodes Well for Economic Recovery // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Ingdan Announces 2023 Annual Results // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” //
HomeChannelsFeaturedLondon home prices plunge

London home prices plunge

london house pricesLondon home sellers cut asking prices by the most in more than six years this month, adding to signs that the property market in the U.K. capital is coming off the boil.

London values fell 5.9 percent from the previous month to an average 552,783 pounds ($922,300), the biggest drop since December 2007, property website Rightmove Plc said today. Nationally, prices declined 2.9 percent, a record for an August.

While property demand usually weakens during the summer, Rightmove said the slump this year was steeper than it expected. Tougher new mortgage rules introduced by Bank of England Governor Mark Carney, as well as anticipation of higher interest rates, are putting pressure on the market after a surge in values raised concerns that a bubble may develop.

ADVERTISEMENT

“Buyers and sellers are becoming increasingly aware about personal finances, given that the cost of mortgages are going up and regulators are trying to bring availability down,” said Miles Shipside, a director at Rightmove. “This limits what buyers are willing or able to pay, and helps moderate sellers’ price expectations.”

Some of the biggest price declines in London were recorded in affluent boroughs including Kensington and Chelsea, Camden, Hammersmith and Fulham, according to the report.

Among the “million-pound plus” districts, Kensington saw asking prices drop 7 percent on the month to an average 2.2 million pounds, while Camden fell 7.2 percent. From a year earlier, values in Kensington were down 1.4 percent, the only borough recording an annual decline. The average London price is up 10.3 percent in that period.

“Top-end sellers are very much discretionary ones, so can delay marketing till a more active time of year,” Shipside said. “That tends to depress property prices more in the higher-priced boroughs.”

Nationally (UKRMNAPM), the annual pace of growth in prices slowed to 5.3 percent in August from 6.5 percent in July. The average asking price was 262,401 pounds. Rightmove said the drop in monthly prices is a “lead indicator of a slower market in the second half.”-Bloomberg

ADVERTISEMENT

ADVERTISEMENT
Just in:
AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Emirates Post Speeds Up Deliveries for GCC with Special Day // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // French Leaders Gather for Interfaith Iftar Dinner // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Ingdan Announces 2023 Annual Results // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Emirati Aid Reaches Ukraine as Food Shortages Bite // Global Audience to Witness Thrill of Dubai World Cup // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // No running of govt from jail, says Delhi Lt Governor // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Renewables Surge Sets Record, But Global Equity Lags // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Sunshine’s Debut Features Leave Tech World Scratching Its Head //