The 20% drop is the smallest this year.

London luxury-home prices fell about 20 percent in May from a year ago and probably won’t return to their 2008 highs for another five years, Knight Frank LLP said. The average value of houses and apartments costing more than 1 million pounds ($1.6 million) in the most expensive neighborhoods has fallen on an annual basis for 11 straight quarters. The pace of the decline slowed in May and prices gained 1.6 percent from April, the London-based property broker said in a statement. – From Bloomberg