"The housing markets of London and the Southeast … are starting to slow as demand weakens and supply rises"
- Richard Donnell, director of research at Hometrack
U.K. house prices declined in July and may fell further, said London-based property-research company Hometrack Ltd. Prices retreated 1 per cent from June, when they stagnated.
"Weaker demand is to be expected over the summer months, but compared to previous years, the seasonal slowdown has started earlier and developed more rapidly," said Richard Donnell, director of research at Hometrack.
"This reflects growing concern over the U.K.'s economy and the deepening euro- zone crisis."
"The housing markets of London and the Southeast -- areas that have supported headline price growth since the beginning of the year -- are starting to slow as demand weakens and supply rises," Hometrack said.
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