London house prices suffer largest fall UK-wide

House prices in London plummeted 1.9 per cent in the year to March, the largest annual fall in the country, while across the rest of the UK, property prices increased 1.4 per cent, Land Registry figures revealed.

Ahead of the UK’s original planned Brexit date, average asking prices in the capital were £463,000, with prices in London also falling 0.4 per cent month-on-month in March. However, despite the drop, the figures highlighted an improvement on the 2.7 per cent annual drop in the year to February.

When looking at the UK as a whole, the average property was valued at £226,798.

According to the data, in England house prices have, on average, fallen by 0.5 per cent since February 2019. Though, the annual price rise of 1.1 per cent took the average property value to £243,128. The greatest monthly price rise was seen in Yorkshire and The Humber, where prices increased by 1.8 per cent and 3.6 per cent annually. The North West saw the most significant monthly price fall, dropping 1.7 per cent.

However, Housesimple chief executive Sam Mitchell argued that the data provided a “distorted picture” as they were based on sales completed during peak Brexit chaos. He said: “That uncertainty, and the political squabbling in parliament, fed through to buyer and seller confidence, particularly in London.”

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