London house prices fall even as overall UK values stabilise

British house price growth remained stable in February but prices fell again in London, taking the capital’s losing streak to a full year, a monthly survey of property valuers showed on Thursday.

The Royal Institution of Chartered Surveyors (Rics) said its house price balance held at plus 24, matching a revised balance for February, slightly higher than a forecast of plus 23 in a Reuters poll of economists.

London – where the high-end market in particular has been under pressure from concerns about Brexit and higher purchase taxes – reported a 12th consecutive monthly price fall.

Overall, Britain’s housing market has held up more strongly than expected since last June’s Brexit vote.

Rics said demand from new buyers remained static in February but more surveyors expected prices to rise over the coming year in February than in January.

* Reuters

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