London House Asking Prices Increase to Record as Demand Spreads to Suburbs

"While Britain's property market is struggling to build momentum as banks limit lending and budget cuts undermine confidence, the exception is London where foreign buyers are seeking homes in areas such as Kensington and Chelsea. Rightmove said a lack of mortgages and a seasonal slowdown means national values will probably fall about 7 percent in the second half after an 8.1 percent gain in the first six months."