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London Property Prices Falling Faster Than You Think, NAMA Warns

  • Irish agency says analysis shows deeper decline than reported
  • NAMA’s U.K. real estate holdings down to 800 million pounds
Aerial Views Of London
Photographer: Matthew Lloyd/Bloomberg

U.K. real estate prices may be dropping at a much faster pace than official reports indicate, according to the Irish agency that manages property loans acquired from bailed-out banks.

Reports since Britain’s vote to leave the European Union point to the value of land in central London declining by more than 10 percent in the past year, while house prices are 11 percent below their 2014 peak, said Frank Daly, chairman of Ireland’s National Asset Management Agency, known as NAMA.