London house prices fall from record high

[LONDON] Asking prices for London homes fell from a record this month in a sign that buyer concern about overpaying is prompting them to step back from the market, according to Rightmove Plc.

Values in London slipped 0.5 per cent to an average £589,776 (S$1.3 million), the first decline this year, the property website operator said yesterday. Prices in Kensington and Chelsea, Britain's most expensive district, fell 0.3 per cent to £2.38 million. Across the UK, they rose 0.1 per cent, a less-than-average increase for this time of year.

"Parts of the London market are starting to run out of steam," Rightmove director Miles Shipside said. "It's an example to the rest of the country of what happens when affordability and common sense get stretched too far."