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London House Prices Fall For The First Time Since 2009

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According to a data shown on Thursday, the average price of a home in London dropped in 2017 for the first time in eight years on fallout from Brexit.

 

According to the mortgage lender Nationwide’s calculations, the prices were up throughout the country, they were down in London for the first time since 2009.

 

While the overall last year UK house prices rose by 2.6 percent it was slower than the 4.5 percent seen the previous year reported the Nationwide. Nationwide’s monthly survey is closely followed by markets.

 

Nationwide chief economist Robert Gardner said, London saw a particularly marked slowdown, with prices falling in annual terms for the first time in eight years, albeit by a modest 0.5 percent.”

 

Since 2004 London was the UK’s worst-performing region for the first time. Gardner noted, “How the housing market performs in 2018 will be determined in large part by developments in the wider economy.”

 

He further added, “Brexit developments will remain important, though these remain hard to foresee.”

 

In June 2016, since Britain voted to leave the European Union it has pushed inflation up to more than 3.0 percent making imported goods more expensive.

 

to Gardner in 2017 low mortgage rates and healthy employment growth continued to support demand for housing. He said, “However, this was offset by mounting pressure on household incomes, which exerted an increasing drag on consumer confidence as the year progressed.”

 

1975 while UK unemployment is at the lowest level, wages are not keeping pace with inflation. In March 2019 Britain remains on course to exit the EU.

Also Read: New York Real Estate Hits The Worst Quarter In Six Years

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