London property stagnated in July, the first month with no growth since December 2012, as demand plunged and properties took longer to sell, Hometrack Ltd. said.
The number of postcodes in the capital recording price gains slumped to 12.1 percent from 40.6 percent in June, the property researcher said in a report today. Higher-value markets in the west and southwest led the slide, taking the number of areas registering declines to 11 percent. Homes took an average 4.3 weeks to sell, up from 2.7 weeks in March.
The data add to evidence that measures to cool the market are working after groups including the Organization for Economic Cooperation and Development warned that a bubble could be forming. The Bank of England introduced measures in June to limit riskier mortgages and new rules came into force in April requiring tougher mortgage-affordability tests.
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