Authored by Don Quijones via WolfStreet.com,
February was bad. Housing market weakness is now spreading out from London.
London home prices in February took their biggest one-off hit since the dark days of the last crisis, according to
data published Thursday by the UK’s Office of National Statistics. The average price of a residential property in London tumbled 2% in February from January, the sharpest monthly drop since November 2008, when the City was grappling with the fallout from the Lehman Brothers bankruptcy. For the 12-month period, the average price dropped 3.8%, the sharpest year-over-year fall since August 2009, during the Global Financial Crisis. The average home in London is now worth £459,800 ($600,000), down 5.9% from the peak in July 2017:
But it’s still more than double the median UK home price (£225,000). In other words, while prices may have moderated somewhat they’re still well beyond the reach of average Londoners. Here are some more standouts from the ONS report:
The slowdown is spreading out from London
. Home prices in the south east of England recorded an annual decline (-1.8%) for the first time since 2011. Prices
Read more http://feedproxy.google.com/~r/zerohedge/feed/~3/f5f5Q-wGc-w/london-home-prices-had-biggest-monthly-drop-lehman