London housing weakens as election adds to buyer uncertainty

London

LONDON'S housing market remained weak at the end of 2014 and uncertainty in the run-up to the general election in less than four months may limit demand, according to the Royal Institution of Chartered Surveyors (RICS). A price index for the UK capital was at minus 36 in December, a fourth month below zero, RICS said on Thursday. A national index declined to 11 from 14.

The RICS index, along with other housing-market gauges, has been weakening since mid-2013, when the Bank of England toughened mortgage curbs to cool lending and prevent an unsustainable debt build-up.