London home prices haven’t fallen this fast since the recession Average prices in capital city fell 2上海夜网

.6% in January

London home prices are falling down, falling down.

Average house prices in the capital city are declining by their fastest rate since the bottom of the reces上海千花社区

sion nearly a decade ago, Bloomberg News reported.

Home prices fell to $820,000 in January, according to a report published Monday by Acadata. The 2.6 percent drop year-over-year was the steepest dec爱上海同城论坛

line since August 2009.

The luxury market is feeling the hardest hit, partly due to tax changes.

Loan limits in Singapore and tax hikes on landlords are also impacting demand from overseas, and the market is feeling the weight of slower economic growth and faster inflation following Britain’s dec爱上海龙凤419桑拿

ision to leave the European Union.

“Uncertainty over Brexit is the issue,” said James Gubbins上海贵族宝贝

, a partner at Dauntons. The financial sector in London is expected to take the biggest hit.

London competes with New York for wealthy apartment buyers, and the Brexit vote in 2016 had some brokers cheering because it could shift demand to Manhattan, as The Real Deal reported. [Bloomberg] – Rich Bockmann

Tags: brexit, London
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