UK housing market gloom back price rises

Tough market: A view of London’s skyline from the River Thames. The UK property market has remained surprisingly resilient despite the sharpest series of interest rate increases from the Bank of England in three decades. — Reuters

LONDON: UK home sellers slash the prices they’re asking for property, data from the sales portal Rightmove shows, a sign that a “slow puncture” for the market is likely to continue.

The figures showed a 1.9% drop for December when buyers usually trim expectations to pin down deals, but this year’s drop was sharper than the 20-year average.