Homeowners in London have reduced their selling prices for the first time earlier this year in May, after the number of offers for sale continued to grow, and conditions for granting mortgage activity limited by the buyers. This latest survey showed the housing market in Britain's biggest site for property sales Rightmove, quoted by Bloomberg. The average selling price for property in London fell 0.4 percent on a monthly basis to 420,203 pounds. Within the last 12 months, however, prices in the capital have risen by 5.7 per cent. At the same time the average selling price of housing in England and Wales rose by 0.7 percent compared to April, reaching 237,134 liras. The pace of growth was significantly lower than in April increased by 2.6 percent on a monthly basis. Dwellings in the UK rose 4.3% yoy in May, which is less than annual inflation of 6% recorded in April. The new prime minister - Conservative David Cameron, who took office last week announced that Britain is facing its worst economic challenges over the past 40 years because of record deficits and the deteriorating economic outlook. Mortgage lending in the country remains scarce as banks grant only half the loans are given before the start of the crisis in 2007 Governor of the Bank of England Marvin King acknowledged last week that risks to the British economy have increased because of debts crisis in Europe. Gross domestic product grew by 0.2 percent in the first quarter of this year, which was half expected. British Pound cheaper with a strong 1.3 percent to 1.4372 dollars in early session today's currency, the euro made after four bottom dollar against 1.2235 dollars per euro