Britain's Prime Minister Theresa May visits a housing development in east London, March 5, 2018. REUTERS/Daniel Leal-Olivas/Pool
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Lance Paul put his home in West London on the market last May with a 1.5 million pound ($2 million) price tag.Since 1973, the year Britain joined the European Union, the average London home price climbed from just under 13,000 pounds to about 474,000 pounds – a 36-fold increase, according to Nationwide, the U.K.'s largest building society.London recorded its first annual decrease in prices in more than eight years in February, a drop of 0.1 percent, revised government data published Wednesday showed.That dents the relative appeal of London property, especially for those from outside the country.Both overseas and U.K. investors who purchase homes to rent out have become an increasingly important part of the London market over the past decade, lured by higher returns on offer from rental property at a time of low interest rates.Not everyone sees Brexit, or even higher interest rates, upending the property market.
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