London house prices demonstrate the biggest dips since 2008

London house prices demonstrate the biggest dips since 2008

In August, house prices in central London went down at their sharpest tempo since 2008, thus intensifying the slowdown in London’s housing market. However, prices soared in other regions of the United Kingdom, as a survey disclosed on Thursday.

The Royal Institution of Chartered Surveyors told that its monthly balance of overall UK house prices gained to +6 having dropped to a four-year minimum of +1 in July.

August's outcome surpassed all forecasts in a Reuters survey of financial experts. However, RICS told that the outcome turned to be consistent with only a marginal ascend in national prices.

The UK housing market has slowed since the Brexit vote to abandon the EU, when prices were soaring by nearly 8% a year, versus surge rates of approximately 5% currently, as official data states.

By the way, for the last 20 years prices in London have managed to quadruple, making homes too expensive for many of its residents.

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