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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.

The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.

Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage