London Home Prices Fall for Fifth Month, Worst Streak Since 2009
- Annual inflation slows to 2.2%, down from 13% in March
- Slowdown led by most expensive properties in the city
Residential apartments are seen illuminated at night at the Albion Riverside development in the Chelsea district of London, U.K., on Monday, March 4, 2013. Central London luxury-home prices unexpectedly rose at the fastest pace in 10 months in February as the British pound's depreciation helped attract international investors, Knight Frank LLP said.
Photographer: Jason Alden/BloombergLondon house prices fell for a fifth month in August, the worst streak for the U.K. capital since the depths of the recession seven years ago.
The 0.6 percent drop, taking the average value to 580,930 ($708,000) pounds, followed a 1 percent fall the previous month, LSL Property Services and Acadata said on Saturday. The annual pace of growth has now slowed to just 2.2 percent, the weakest since early 2012.