London home price growth slows in Jan after a strong year

[LONDON] London house price growth slowed in January after the best year since 2006 as values slid in the most expensive districts of Westminster and Kensington and Chelsea, Rightmove plc said.

Asking prices in the UK capital increased 0.2 per cent to £514,704 (S$1.07 million), after growing 10.6 per cent last year, the operator of Britain's biggest property website said in a report yesterday. Values in Westminster slid 8.3 per cent, while those in Kensington dropped 6.9 per cent.

"The average asking price of property coming to market is having a pause after a pretty hectic year of heady rises," said Miles Shipside, a director at Rightmove in London. "It's traditionally a quieter time of year. London needs more properties for sale to lessen upward price pressure."