House prices in London contracted at the fastest annual rate during May, since August 2009.Oli Scarff | Getty Images
Statistics released Wednesday by the U.K.'s Office for National Statistics reveal that May's was the lowest annual rate in London since August 2009, when prices contracted 7.0% from August 2008. The ONS noted on Wednesday "a general slowdown in UK house price growth" since 2016, driven mainly by a sluggish market in the south and east of England.
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