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London property costs fall for first time considering 2009

House prices in London fell into on average during 2017, brands the first full-year decline because 2009, mortgage lender All over the country said Thursday.

Prices throughout the uk capital decreased through 0.5 percent inside 2017, with London the particular weakest region around Britain for the first time due to the fact 2004.

For the broader UK market, Countrywide said house rates rose by 2.6 percent in the Yr to December. In which marked a downturn from the 4.5 percent growth recorded throughout 2016.

Separate data from the Standard bank of England revealed 65,139 mortgage mortgage approvals were made in December, slightly lower than a typical recorded for each within the previous six months.

Confidence from the British housing market has been dented by the come in sterling after the Brexit vote to leave the European Union with 2016. This has led to a boost in the cost of goods with regard to households, denting household prices.

New rules affecting Britain buy-to-let properties have also decide to put downward pressure on prices.