London leads UK housing slowdown

Surveyors cut price growth forecasts as stricter lending rules weigh on market

[LONDON] Bank of England policymaker David Miles said that London's property market is showing signs of cooling as an index of values in the capital, published yesterday, slipped to a three-year low.

"The latest indicators are that things are cooling a little bit in London, prices were rising very rapidly," he said on BBC Radio 4. "Some of the forward-looking indicators look a bit cooler" and the monetary policy committee's view is that across the country "the overall rate of increases in house prices...

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