Saturday 21 April 2018

British house prices fell on election fears

An aerial view of houses on residential streets in Muswell Hill, north London, amid data that prices in the British capital suffered because of tax concerns
An aerial view of houses on residential streets in Muswell Hill, north London, amid data that prices in the British capital suffered because of tax concerns

Asking prices for London homes fell the most in nine months in May as concern about potential property-tax changes before the election cooled demand.

Prices dropped 2.3pc from April - led by top-priced Kensington and Chelsea - and were up 1.5pc from a year earlier, property website operator Rightmove said yesterday.

That's the smallest annual gain in more than four years.

Across the UK prices slipped 0.1pc, the first decline in a May since the last general election in 2010.

Concerns in the run-up to the election surrounding housing policy proposals particularly from the opposition Labour Party unnerved buyers and fewer homes hit the market, Rightmove said.

Irish Independent

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