LONDON: London house prices rose at their slowest annual pace in more than three years in October.
A recent report from Rightmove showed London property prices were having their worst December in six years, led by weakness in prime areas in the city that is likely to persist into 2017. The UK’s decision to leave the European Union has pushed down the pound, boosting inflation, and increased uncertainty about the employment outlook. That may undermine Britons’ finances and home demand next year.
“The fundamentals for house buyers look certain to deteriorate over the coming months with consumers’ purchasing power weakening markedly and the labour market likely softening,” said Howard Archer, an economist at IHS Markit in London. – Bloomberg
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