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London Property Market Falters on Price Resistance

London’s property market stagnated for a second month in August as buyers became reluctant to accept high asking prices amid the prospect of increasing borrowing costs, Hometrack Ltd. said.

The survey of real-estate agents showed values were unchanged in a “stark” change from the sharp increases over the past year that helped propel national prices to a record. Across England and Wales, values grew 0.1 percent, bolstered by gains in commuter towns in the southeast. Nationwide Building Society offered a more upbeat assessment today, with its national index showing prices up 0.8 percent this month.