London House Prices Slowing Down

London house-price growth slowed in January after the best year since 2006 as values slid in the most expensive districts of Westminster and Kensington and Chelsea, Rightmove Plc (RMV) said.

Asking prices in the U.K. capital increased 0.2 percent to 514,704 pounds ($846,000), after growing 10.6 percent last year, the operator of Britain’s biggest property website said in a report today. Values in Westminster slid 8.3 percent, while those in Kensington dropped 6.9 percent.

“The average asking price of property coming to market is having a pause after a pretty hectic year of heady rises,” said Miles Shipside, a director at Rightmove in London. “It’s traditionally a quieter time of year. London needs more properties for sale to lessen upward price pressure.”

Bloomberg

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