Housing

London property prices fall for first time since 2009

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House prices in London fell on average during 2017, marking the first full-year decline since 2009, mortgage lender Nationwide said Thursday.

Prices in the U.K. capital decreased by 0.5 percent in 2017, with London the weakest region across Britain for the first time since 2004.

For the wider U.K. market, Nationwide said house prices rose by 2.6 percent in the 12 months to December. That marked a slowdown from the 4.5 percent growth recorded in 2016.

Separate data from the Bank of England showed 65,139 mortgage approvals were made in November, slightly lower than the average recorded for each of the previous six months.

Confidence in the British housing market has been dented by the fall in sterling after the Brexit vote to leave the European Union in 2016. This has led to a rise in the cost of goods for households, denting household budgets.

New rules affecting U.K. buy-to-let properties have also put downward pressure on prices.