House Prices Are Plummeting in London’s Financial Districts
- City of London values slump 10.8% in year through January
- Canary Wharf prices have dropped by 9.5%, e.surv says
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Living near the office is getting a lot cheaper in London.
House prices in the City of London slumped 10.8% in the year through January, while Tower Hamlets, where rival financial district Canary Wharf is based, saw values drop 9.5%, according to a report by chartered surveyors e.surv. While the rest of the U.K. has enjoyed a housing boom during the pandemic, central London has seen the reverse as sliding rents weigh on prices.