You are viewing 1 of your 1 free articles
London house prices fall annually for first time since 2009
House prices in London fell in the year to February, the first annual fall in the capital since 2009, figures from the Office for National Statistics show.
Growth in London house prices has slowed in recent months, and the average price of a home in London has now fallen to £471,986, falling by 1% over the year.
This is still a far higher average price than in any other region in England, but it continues a trend of London lagging behind the rest of the country in terms of growth.
The last time house prices fell annually in the capital was in September 2009, when the post-crash recovery faltered slightly, with the average price falling by 3.2%.
READ MORE
England is still far more expensive than the other countries in the UK, with an average house price of £242,176. In Wales, Scotland and Northern Ireland, the average prices are: £152,891, £144,377 and £130,482 respectively.
In the UK as a whole, house prices grew by 4.4% in the year to February, remaining at roughly similar levels to recent months.
Average prices in the whole country have levelled off since the Conservatives unexpectedly lost their majority last year, with the average price now sitting only slightly above what it was in July 2017.
This followed a brief period of house price growth after the UK’s vote to leave the European Union precipitated a similar levelling-off.
