Market report – shock London 4.4% drop, May 18 to May 19

ONS figures are generally considered sound, and 4.4% is a big annual drop, particularly in comparison to a 1.2% gain nationally, and the largest since 2009. So what’s going on? London’s always going to show greater volatility than the rest of the UK. Put simply, what goes up might come down. It’s also home to a dense buy-to-let market, hit by a swathe of taxation changes that have also discouraged foreign investment. Is there more slack? We suspect so. But once there’s a little more clarity to the Brexit puzzle, expect foreign currency strength to start picking off the bargains.