The autumn fall:house prices falling in more than half of London boroughs — with flats worst hit
Property prices are falling in more than half of London’s boroughs with flats seeing the biggest drops, latest official figures show today.
The average cost of a home across the capital slipped by 0.3 per cent to £482,000 in the year to September, according to the Office for National Statistics.
However, the overall figure masked some much heavier falls in some boroughs, particularly those that have seen the biggest rises over recent years.
Average prices in Hackney slumped 7.8 per cent to an average of £531,000, while they were 6.2 per cent lower in Greenwich at £383,000.
Property prices are now falling in 18 of London’s local authority areas.
Flats were down in value for the eighth month running with a 2.33 per cent annual fall in London to an average of £419,000.
The average flat in London has lost almost £16,000 since prices peaked at £435,000 in July last year as first time buyers have struggled to raise the mortgages needed to meet asking prices.
Foreign buyers of apartments in central London have also been deterred by the uncertainty over Brexit and higher taxes, according to agents.
Jonathan Samuels, chief executive of property lender, Octane Capital, said: “London continues to be the weak link in the UK’s property market, with the prime and super-prime boroughs creating considerable downward pressure.
“As one of the world’s foremost financial hubs, the capital is highly exposed to the fall-out from Brexit.
The rate of inflation remained unchanged at 2.4 per cent in October.