London Housing Market Cools

Asking prices for London property fell for a second month in July as an increase in the number of homes for sale softened the market for sellers, Rightmove Plc said.

Prices sought in the U.K. capital fell 0.4 percent from June to an average 587,174 pounds ($1 million), the property-website operator said in a statement today. Across England and Wales, prices fell 0.8 percent, their first decline since December.

The report adds to signs the U.K. property market is losing steam, after the Bank of England said it posed the greatest risk to the economic recovery. Financial-stability officials set a cap on loan-to-income ratios last month to prevent a surging prices leading to an excessive buildup of debt.

Bloomberg

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