Somewhat reluctantly, even London is edging towards an inevitable housing crash. According to Rightmove PLC, London house prices in June rose at the slowest pace in five months in June. Furthermore, home prices fell in more than half of London boroughs.
Home values fell in 17 of the city's 32 borough. Southwark had the largest price drop on the month, falling 2.8 percent. The next-biggest decline was 2.4 percent in Hounslow. Nevertheless, Kensington and Chelsea is still gaining. House prices there went up 3.4 percent on the month.
More ominiously, the average time for a home to stay on the market rose to 69 days from 65 days; a sure sign that the market is turning.