London house prices post biggest yearly drop in 6 years

London

LONDON house prices posted their largest annual drop in almost six years in February as high values deterred buyers.

The average asking price in the capital fell 0.4 per cent to £641,116 (S$1.13 million) this month from a year earlier, the first annual decline since April 2011, property website Rightmove Plc said on Monday. While asking prices gained 2.6 per cent from January, that's the weakest monthly gain for a February since 2009 during the depths of the recession.