London house prices post fastest drop since 2009

London house prices post fastest drop since 2009

Mubasher: London’s house prices fell markedly in January, marking the fastest drop pace since 2009, driven by lower prices in the most expensive areas.

House prices in UK capital city decrease by an annual rate of 2.6% and a monthly rate of 0.8% during the first month of 2018, data by Acadata showed on Monday.

Meanwhile, Average house price reached GBP 593,396 ($820,000) in January.

London would post the weakest performance among other cities over the coming five years because it is more exposed to political and economic uncertainty and amid possible interest rate increases and mortgage loan limits, head of residential research at broker Savills Lucian Cook said.

The GBP/USD pair last rose 0.3% to $1.3892.

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Source: Mubasher