Changes in taxes, influencing demand, low affordability of housing as well as tight mortgage standards undermined global property market, analytics of Bloomberg suggest. As a result, prices of houses from London to Sydney and from Beijing to New York fell.

House prices in London started declining among fear in regards to country’s future after Brexit, that also caused slowdown in UK’s economic growth. Sales of homes dropped and more property objects are put for sale. Price of property in the center of London fell by almost 18% from peak level of 2014.

China cooled its property market by applying more than 30 different restrictions. As a result, sales in Beijing fell to historical low level this year. New houses are sold at lower price, than existing houses due to high financial restrictions.

Sales in the most expensive region of New York at Manhattan have been falling three quarters in a row, and it gives buyer more choice. It seems that prices grew too fast and too high. There are about 7000 apartments in the market, which is 11% more than last year. Sales dropped 17%. Average price of houses sold within last three months fell 7,5% to $1,1 million.