London home prices fell in August by 5.9%, the plunge the biggest since Dec 2007 (and 2nd biggest drop on record). Since western sanctions on Russian oligarchs hit 3 months ago, home prices have fallen in London (especially the highest-end regions, such as Kensington -7%) and now that weakness is accelerating and spreading across the entire UK. As Rightmove reports, the 2.9% drop in UK home prices is the worst August on record. How long before the UK pulls back on its ‘support’ for US sanctions? Costs, indeed?
Since sanctions began, London property prices have dropped with August’s plunge almost a record…
But it is now spreading across the UK with August’s weakness the worst on record…
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It appears the oligarchs are preferring the Hong Kong market to London’s…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1n1We23 Tyler Durden