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Evening Standard
Evening Standard
Business
Jonathan Prynn

Average London home drops £22k in value as interest rate crisis bites

London Interest Rates

The average London home has lost nearly £23,000 in value over the past year as the impact of far higher interest rates hit property prices.

Latest figures from Britain’s biggest mortgage lender Halifax showed the average cost of a home in the capital dropped 4.1% to £529,814 in the 12 months to August.

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