London house prices fell for the second time in two months after consistent rises year-on-year since 2009, according to the latest figures from the Office for National Statistics.
A 0.7% year-on-year decline in March made it the worst performance for the capital since September 2009, when prices slumped 3.2% year-on-year. London’s annual growth rate has slowed since mid-2016.
According to the ONS report, in the year to March the capital was the only English region to see a fall in house prices, signalling the marked difference between London’s property market and that of the rest of the UK.
The average property in London cost £472,000 in March, while the average in the rest of England was £241,000. At the country level, the largest annual price growth was recorded in Scotland, where house prices increased by 6.7% over the year to March 2018. The average property in Scotland cost £146,000 in March.
England’s North East saw the second lowest annual growth rate over the year to March, where prices increased by 2.1%, while the East saw the biggest rise, of 5.8% year-on-year, pushing the average property there to £291,415.
Overall, house prices in the UK increased by 4.2%, the same rate of annual growth seen in February.
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