London house prices reach December lows
Data from the National Statistics Office in London showed that house prices experienced the largest annual decline since December 2023, falling by 3.7% in May compared to the same period last year. This marks a continuation of the prolonged downturn in the capital's property market. The decline was most pronounced in inner London areas such as Westminster and Tower Hamlets, while other parts of the UK saw an increase of 2.7%. This downturn reflects the ongoing weakness of the London real estate market, despite the stabilization of prices in other regions of the UK.
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