London house prices are falling at the fastest pace since the 2009, with the capital’s most expensive areas seeing the biggest declines.
The average Greater London property price tag went down 0.8 % on the month to £593,396. This represented a 2.6 % drop in prices since this time last year, according to Acadata, and the prices have been falling three month in a row.
London’s most expensive boroughs have been hit hardest: Wandsworth showed the biggest loss of 14.9%, Southwark – 12.2% and Islington – 8.8%.
In cheaper areas price movement was more moderate with a 0.5% down on a year ago.
Transactions in London were also down five per cent in the three months to January 2018.
The data from South East and London is pulling down the general UK property market performance figures. The rest of the country seems to go in an opposite direction with the North West’s growth of 4.6%. The East Midlands, the South West and Wales also recorded new peak average prices with growth of 2.5%, 4.1% and 3% respectively.
‘When examining the bigger picture, house prices are steadily balancing to meet the needs of house buyers which is welcome news for those looking to take their first steps onto the property ladder,’
Oliver Blake, managing director of Your Move and Reeds Rains estate agents