London House Prices Off the Boil

Asking prices for London homes fell from a record this month in a sign buyer concern about overpaying is prompting them to step back from the market, according to Rightmove Plc.

Values in London slipped 0.5 percent to an average 589,776 pounds ($999,700), the first decline this year, the property website operator said today. Prices in Kensington and Chelsea, Britain’s most expensive district, fell 0.3 percent to 2.38 million pounds. Across the U.K., they rose 0.1 percent, a less-than-average increase for this time of year.

“Parts of the London market are starting to run out of steam,” Rightmove director Miles Shipside said. “It’s an example to the rest of the country of what happens when affordability and common sense get stretched too far.”

Bloomberg

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