London house price growth to slow in 2014 George Osborne, the chancellor, plans to introduce a capital-gains tax on non-resident foreigners selling UK property, starting in 2015. He denied last week that government incentives to boost the housing market are fueling a bubble and pushing prices further beyond the reach of first-time buyers. Miles Shipside, commercial director at Rightmove, said: "Upwards price pressure remains but will show some signs of waning. The planned tax will take some gloss off overseas speculators" future profits." In London, prices fell 0.7pc in December from the previous month, Rightmove said. The biggest losses were in Kensington and Chelsea, which fell 4.1pc, and Haringey, which dropped 3.7pc. Camden was the biggest gainer, with a 2pc increase. Values are being supported by a supply shortage, with 80,000 fewer properties listed in 2013 than in 2007, Rightmove said. Asking prices across England and Wales were down 1.9pc this month, led by a 2.7pc drop in the East Midlands and southeast England. All 10 regions tracked by Rightmove showed monthly declines. Spencer Dale, chief economist at the Bank of England said last week that officials were "fully aware" of risks posed to the U.K. economy by an overheating housing market and had tools to prevent damage to the economy. Governor Mark Carney has announced measures to cool the property market while keeping the key interest rate at a record low to nurture the broader recovery. "With mortgages still historically cheap and interest rates set to remain stable, if you've been putting off a good reason to up sticks, it could be opportune to make 2014 the year to move," Shipside said. Don't miss: House prices in 2014 'above 3pc stamp duty threshold' Sign up to our weekly newsletter for all the latest house price news