Momentum behind London’s property boom appears to be fading, according to a survey on Thursday that added to signs that rapid house price growth in Britain is starting to moderate.
The Royal Institution of Chartered Surveyors’ monthly house price balance eased to 49 in July, its weakest reading since February, lightly below forecasts in a Reuters poll of economists. June was revised downwards slightly to 52.
Weakness centred on London, the survey showed. Sales and new buyer enquiries in the capital fell more sharply than elsewhere in the country, with a net balance of just 10 percent of London respondents reporting rising prices – down from 30 percent in June.