London house prices fall for the first time this year

London house prices fall for the first time this year

According to the latest figures released, the housing prices in the city of London have fallen for the first time this year between May and June.

The housing prices fell in the British capital recorded a fall of 0.5 per cent as the buyers ability to pay higher amounts declined in the market. Data from the Rightmove's latest price index showed that the average price dropped to £589,776 on the month.

On the other hand, the asking prices rose to more than £70,000 from June 2013, recording an increase of 14.5 per cent.

Rightmove director Miles Shipside said, "London itself is now marking time. It's an example to the rest of the country of what happens when affordability and common sense get stretched too far," said Rightmove director Miles Shipside.

The demand for houses increased more than three times the pace of new supply in the capital city during the year to May, showed the figures from estate agents Barnard Marcus. The housing market recorded a slowdown in price growth during recent months. House prices in the UK remained almost unchanged in June as demand remained at the same level as supply.

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