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London House Prices Fall Again in June

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London home sellers cut asking prices for a second time in three months and waning buyer interest hints that the slowdown may continue.

Prices dropped 2.4 percent in June — the biggest for that month since 2010 — leaving them down 1.4 percent from a year earlier, Rightmove Plc said on Monday. Nationally, asking prices slipped 0.4 percent, pushing the annual gain to the weakest since 2013. In London, buyer activity “remains subdued compared to the recent boom years,” Rightmove said.

Multiple reports are signaling a loss of housing momentum. Many first-time buyers have been priced out of the market, while Brexit and political uncertainty may further undermine demand. Figures from Halifax this month showed values are rising at the slowest quarterly pace in four years, while Nationwide Building Society said they’ve fallen for the past three months. London is seeing a sharper slowdown, largely due to weakness in prime locations.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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