London House Prices Struggle in City Waiting for Brexit

by Bloomberg News

With Brexit uncertainty showing no sign of letting up, just two districts in the U.K. capital are seeing strong house-price growth. In the south-western borough of Richmond prices rose 5.5 percent over 12 months, according to Bloomberg's analysis of preliminary data from the U.K. Land Registry. That figure is 6.1 percent in Southwark, just south of the River Thames. Elsewhere there is modest growth in the east and south, enough to counter slight declines in north-western suburbs and an ongoing deep-freeze in prime central areas (including Tower Hamlets, home to the Canary Wharf financial district). Nationwide Building Society named London the U.K.'s worst-performing region in first quarter of 2019. Mortgage approvals are down. Asking prices are low. And yet the city is still called home by more members of the super-rich than any other city in the world.

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