London house prices: mortgage costs ‘taking heat out of property market’

Property prices in the capital fall month-on-month as rental costs soar

The average price of a London home dropped 0.6% in September, the largest monthly fall in more than a year.

Increased mortgage rates “appear to be taking the heat out of the London property market”, said the Evening Standard. However, average prices remain high at £544,113, just £3,000 below the record set in August, according to Land Registry data.

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