U.K. house prices dropped for a sixth month in October and a slowdown in London’s housing market will cause the pace of decline to accelerate in the coming months, property researcher Hometrack Ltd. said.
The average cost of a home fell 0.2 percent from September and was down 2.8 percent from a year earlier, the London-based company said today in an e-mailed report on its monthly survey of real-estate agents. Prices based on Hometrack’s gauge have fallen every month except one since July 2010.
The housing market is struggling to gain momentum as banks restrict lending, unemployment rises and inflation outpaces wage growth. A separate report today showed businesses are the most pessimistic about the economy in 2 1/2 years.
