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London house prices rose twice as fast as the rest of UK in 2010s

London house prices rose twice as fast as the UK average during the 2010s, a new report has shown, notching up a 66 per cent growth rate that was far faster than any other region.

In the country as a whole, the average house price rose 33 per cent over the last decade as it recovered from the financial crisis, the report from Nationwide said. The figure was far lower than the 117 per cent rise seen in the 2000s.

Andrew Harvey, Nationwide’s senior economist, said the London price expansion came “despite recent weakness”. Political wrangling caused big-ticket purchases to dry up in 2019, sending prices in London tumbling by 2.9 per cent.

Houses in Britain once again became less affordable in the 2010s as price growth outstripped the 20 per cent increase in earnings.

Price growth in the housing markets in Britain’s northern regions was weak over the last decade, with prices slow to recover from the financial crisis of 2008-9. House prices in the north grew by 11 per cent during the 2010s, for example.

“The 2010s has been the weakest decade for house price growth since the 1990s.”

Andrew Harvey, Nationwide’s senior economist

In the 1990s, house prices grew by 21 per cent. This followed an enormous 180 per cent increase in the 1980s, when policies such as Margaret Thatcher’s Right to Buy and the relaxation of mortgage lending rules led to a property boom.

UK house price growth over the last 40 years

Region1980s1990s2000s2010s
London215%40%111%66%
Outer Met222%29%95%54%
Outer SE219%18%114%43%
E Anglia227%6%115%43%
S West206%19%122%38%
E Mids244%3%120%36%
W Mids196%16%108%33%
Wales163%7%135%17%
N West183%23%124%17%
Yorks & H203%-9%137%17%
North178%9%127%11%
Scotland125%28%127%8%
N Ireland23%115%123%2%
UK180%21%117%33%

Harvey said that over the last decade it was not just central London houses that rose rapidly in price. “The neighbouring outer metropolitan region – which includes places such as Slough, Guildford, Crawley and Chelmsford – also significantly outperformed, with prices rising 54 per cent during the 2010s,” he said.

Harvey added that although London has long been the least affordable region in Britain, the issue has grown in recent years.

London’s house price earnings ratio reached 10.2 in 2016, Nationwide said, meaning a house was 10.2 times more expensive than the average yearly earnings in the region.

By 2019, it had dropped to 8.8, but this was still well above the 6.1 figure seen at the start of the decade.

By Harry Robertson

Source: City AM

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London house prices have recovered most from recession

House prices in London have recovered the most from the global financial crisis, London lettings and estate agent Benham and Reeves has revealed.

Despite the Brexit slowdown, typical prices in the City of London are 89% higher than the pre-crisis peak of August 2007, rising from £474,000 to £898,000 in September 2019.

Marc von Grundherr, director of Benham and Reeves, said: “Despite the recent negative headlines about the London housing market, the capital has made the strongest recovery from the global financial crisis and continues to do so despite wider market uncertainty.

“This recovery also seems to extend to other parts of the South East of England and while these more inflated areas may have seen a drop in the rate of price growth of late, they remain the most durable on a long-term basis.

“Proof, if it was ever needed, that the UK property market is far tougher than many give it credit for and any momentary blip caused by the current landscape will leave no lasting damage.”

Other areas in the capital where the cost of property has increased are Hackney (88%), Waltham Forest (83%) and Lewisham (83%).

Outside of London, house prices in Cambridge increased the most between August 2007 and September 2019, rising from £275,000 to £456,000.

For the UK as a whole, prices have risen by 23% over the period.

By Michael Lloyd

Source: Mortgage Introducer

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London housing market ‘showing signs of life’ as property prices increase

House price growth in London is showing signs of firming up following a period in the doldrums, according to a report.

Less than a quarter (23%) of London postcodes have registered negative house price growth in October, down from 82% registering price falls a year ago, according to Zoopla.

But the rate of annual growth in property values is slowing across the UK’s major cities generally.

Annual house price growth in every city covered by the index has now been running below 5% for three months in a row – in August, September and October.

The last time there was a three-month run of annual price growth below 5% in all 20 cities covered by the index was in 2012. It happened during September, October and November in that year.

The latest report showed annual house price growth in October ranged from 4.7% in Leicester to minus 5.9% in Aberdeen.

The October report marks the four-year anniversary of consecutive year-on-year house price falls in Aberdeen, prompted by a collapse in the oil price in 2015, Zoopla said.

Meanwhile, across London, house prices increased by 1% annually in October.

This is the highest rate of growth for London for two years, following a period of year-on-year price falls, Zoopla said.

A year earlier, house prices in London were falling by 1.1% annually.

House prices in London recovered more quickly following the financial downturn than in many other parts of the UK.

But as housing affordability became more stretched in London other more affordable areas have seen stronger house price growth by comparison.

Zoopla said the shift in London house price momentum is down to a decrease in the number of new properties for sale, which has restricted supply.

This is a trend that has been developing for the last 12 months and has been accelerated by the announcement of the forthcoming General Election, it said.

Zoopla also said there had been a “notable increase” in the number of sales agreed per agency branch – indicating renewed demand for housing in London after falling sales volumes over the past three years.

There are also signs that house sellers’ expectations are becoming more realistic.

In early 2016, when buyer demand in London started to weaken, the market grappled with a 20% gap between the price of new listings coming to the market for sale and the price of property being marked as sold on Zoopla.

The gap between asking and selling prices has been steadily narrowing it said – which should help support London house sales during 2020.

Richard Donnell, research and insight director at Zoopla, said: “The London housing market is finally showing signs of life.

“The shift in momentum is clear, resulting from a lack of supply, increased sales and more realistic pricing, which bode well for higher sales activity in 2020, rather than a pick-up in house price growth.

“While the London housing market has been in the doldrums, market conditions in regional cities have been stronger over the last two years with demand supported by employment growth and attractive housing affordability.

“The rate of growth is slowing, and all cities are registering annual growth of less than 5%.

“The announcement of the General Election has brought forward the usual seasonal slowdown, but the last few weeks of the year pre-Christmas tend to be much quieter than after Boxing Day, when consumer interest in housing springs back to life.”

Here are average house prices in October followed by the annual change in prices, according to Zoopla:
– Leicester, £180,000, 4.7%
– Manchester, £172,500, 4.6%
– Liverpool, £122,300, 4.1%
– Edinburgh, £236,700, 4.0%
– Belfast, £137,600, 4.0%
– Birmingham, £167,000, 3.5%
– Nottingham, £156,700, 3.4%
– Leeds, £167,800, 3.4%
– Cardiff, £210,100, 3.1%
– Sheffield, £138,400, 3.1%
– Bristol, £282,800, 3.0%
– Newcastle, £129,100, 2.7%
– Glasgow, £123,200, 2.6%
– Cambridge, £414,000, 2.2%
– Bournemouth, £289,800, 2.1%
– Portsmouth, £238,600, 1.2%
– Southampton, £227,900, 1.2%
– London, £476,900, 1.0%
– Oxford, £412,200, 0.0%
– Aberdeen, £154,100, minus 5.9%

By Vicky Shaw

Source: Yahoo Finance UK

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Housing market ‘in limbo’ as London house prices drop 1.4 per cent

London house prices booked a steep 1.4 per cent annual drop in August as UK house prices grew at a lower level than last year, according to the latest data.

While UK house prices posted annual growth of 1.3 per cent to beat that of 0.8 per cent in July, growth dipped below last year’s level amid a general slowdown.

London fuelled the drop as the capital suffered the UK’s biggest annual fall. followed by a 0.6 per cent decline in south east house prices.

That left the average UK house price worth £235,000 in August, the Office for National Statistics (ONS) said.

London house prices dropped to an average of £472,753.

“Annual growth in UK house prices showed a moderate pick-up in August although it remains below the increases seen throughout 2018,” ONS head of inflation Mike Hardie said.

“Wales saw the strongest growth with prices continuing to fall in London and the south east.”

Experts said the latest statistics painted a “picture of a housing market in limbo” as London suffered the worst effects of political uncertainty on the UK housing market.

“The closer we come to an apparent EU exit, the more likely it is that even the most fearless home buyer or seller will hold tight until the dust has settled,” warned Benham and Reeves director Marc von Grundherr.

“Further downward trends should be expected until the start of next year at the very least.”

Jeremy Leaf, a former residential chairman of the Royal Institution of Chartered Surveyors, said the latest figures show a small recovery in the housing market.

“Sadly, this is nothing to get too excited about because the market remains relatively flat although of course the resilience is welcome,” he added.

Better affordability and almost record-low mortgage rates are improving buyers’ and sellers’ confidence, he added.

Brexit leaves UK house prices in ‘growth rut’
However, property lender Octane Capital’s chief executive, Jonathan Samuels, warned that Brexit has left the UK housing market in a “growth rut”.

“With Brexit hanging over it, it’s as if the property market is frozen in a one per cent annual price growth rut,” he said.

“Very low single digit growth has been the narrative for well over a year now and it’s hard to see that changing anytime soon,” he added.

“London and the south east remain the primary drag on average prices, as they pay for the riotous growth of five or six years ago.

“While the market is down, low supply and stock levels, cheap mortgages and the strong jobs market are ensuring a degree of movement.”

Brexit endgame could increase volatility
Samuels warned that UK house prices could grow more volatile as the urgency for a Brexit deal increases

“We’re now approaching the Brexit endgame and the ride could get increasingly bumpy.

“It’s possible that what happens during the next few months, even weeks, could determine the fate of the property market over the next few years.”

London house prices ‘must end boom or bust cycle’
Gareth Lewis, commercial director of property lender MT Finance, said London house prices must show more modest growth to end their volatility.

“It may be the case that London and the south east need more sensible levels of price growth in order to produce a more robust market, rather than boom and bust,” he said.

EY Item Club economic adviser Howard Archer said the data showed a “renewed softening” in London house prices. He pointed out that it is the 14th successive month of decline for the capital.

Economy ‘too weak’ to prop up UK house prices
UK house prices and London house prices could benefit from a lack of housing supply, Archer predicted.

But he warned that the UK economy may not hold up house prices for much longer, a day after the unemployment rate inched upwards.

“The government’s recent – and ongoing – initiatives to boost house building will take time to have a significant effect so are unlikely to markedly influence house prices in the near term at least,” Archer said.

“However, the labour market has recently faltered and it looks likely to continue to do so in the near term at least as companies face a soft domestic economy, heightened Brexit uncertainties, an unsettled domestic political situation and a challenging global environment.”

“With the economy largely struggling and the outlook highly uncertain, we suspect that house prices will remain soft in the near term at least,” Archer added, predicting a one per cent rise across 2019.

PwC economist Jamie Durham disagreed, saying wage growth and unemployment remained sturdy supports for the housing market.

“But continued uncertainty in the market, related to Brexit among other factors, is likely to be dampening both supply and demand,” he added. “This is particularly the case in the capital and will likely continue to affect price growth over the coming months.”

By Joe Curtis

Source: City AM

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London house prices suffer steepest fall since financial crisis

London house prices fell at their fastest rate since the financial crisis in the third quarter, according to Halifax.

Homes in the capital saw their values sink 1.7 per cent year on year, their worst performance since autumn 2009. Meanwhile south east house prices dropped 1.3 per cent.

UK house prices grew at their slowest rate in six-and-a-half years in the third quarter of 2019, the bank’s house price index showed.

The value of British homes rose just 1.5 per cent year on year in the third quarter, a drop from 1.8 per cent in the previous three months. That is its worst quarterly increase since the start of 2013.

That left the average UK house price at £233,808, a drop from the second quarter average of £234,026.

Quarter to quarter, house prices rose 0.4 per cent in the three months to the end of September, versus a 0.4 per cent decline in the three months to the end of June.

Paul Smith, economics director at IHS Markit, which compiled the data, warned the UK housing market is still “fragile”.

He said Brexit uncertainty is stoking fears for buyers and sellers alike.

“Despite the low mortgage rate environment and rising earnings growth helping to ease affordability constraints, UK-wide house price inflation sank to a six-and-a-half year low,” Smith added.

“We suspect that political and economic uncertainty associated with Brexit continues to weigh on the market. This is especially the case in the south of England, where prices are falling and, in the case of London, at the fastest rate since the height of the financial crisis.”

Still, London house prices still remained above £480,000, almost £160,000 more expensive than prices in the south east, where buyers can expect to pay an average £323,055.

By Joe Curtis

Source: City AM

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No-deal Brexit to accelerate London house price drop

London house prices could sink up to seven per cent next year if no Brexit deal is reached by the 31 October deadline date, according to the latest research.

If the UK exits the European Union with a deal London house prices will fall by a smaller 4.7 per cent, continuing the trend of declining property prices in the capital.

Research by accountancy firm KPMG published this morning shows that the average property in the capital would cost £453,000 in 2020 following a smooth exit. However, after a no-deal Brexit the average London house price would drop to £422,000.

A no-deal Brexit would trigger a drop in house prices in every region of the UK, with the sharpest fall of 7.5 per cent seen in Northern Ireland.

The latest research shows that a drop of 10 to 20 per cent is “not out of the question” if markets react “stronger than anticipated”.

KPMG chief economist Yael Selfin said: “The housing market has been stuck in the slow lane since 2016 – with the changes to stamp duty and the uncertainties of Brexit putting the market on the back foot.

“As our forecasts show, a no-deal Brexit will see house prices decline significantly across the UK in 2020 by an average of 6.2 per cent, with more severe falls of around 10 to 20 per cent also possible if we look at historic precedents.”

Last month the Bank of England’s monetary policy committee (MPC) said that if the UK’s departure from the EU is smooth and some recovery in global growth is seen it could raise interest rates “at a gradual pace and to a limited extent, as it unanimously chose to hold the main interest rate at 0.75 per cent, where it has stood since August last year.

The committee said under no deal, the “interest rate decision would need to balance the upward pressure on inflation, from the likely fall in sterling and any reduction in supply capacity, with the downward pressure from any reduction in demand”.

In July, MPC member Gertjan Vlieghe said the bank might have to slash interest rates to nearly zero in the event of a no-deal Brexit.

By Jessica Clark

Source: City AM

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London house prices flat or falling for 16th month in a row

House prices in London have now been flat or falling for a longer period than was seen during the economic downturn of 2008 and 2009, according to an official report.

Property prices in the capital have failed to grow year on year for 16 months in a row, with the latest figures showing a 2.7% annual decrease in June, a report from the Office for National Statistics (ONS), Land Registry and other bodies shows.

This compares with 15 months of prices falling over the year in London during the economic downturn of 2008 and 2009.

However, prices in the capital recorded sharper falls during the 2008 and 2009 period than has been the case more recently, the report said.

The average London house price in June was £467,000, compared with £230,000 across the UK generally.

Across the UK, house prices increased by 0.9% annually in June – a figure unchanged from May.

UK house price growth has slowed over the past three years – mainly driven by parts of southern and eastern England.

Average UK house prices peaked at £232,000 in August 2018.

In June, average house prices increased year on year by 4.4% in Wales to reach £164,000, by 1.3% in Scotland to £152,000 and by 0.7% in England to £247,000.

In Northern Ireland the average house price is £137,000 – 3.5% higher than a year earlier.

Within England, the Midlands is showing the strongest house price growth, with prices up by 3.2% year on year in the East Midlands and by 2.6% in the West Midlands.

Howard Archer, chief economic adviser at the EY Item Club said: “We believe, with Brexit due to occur on October 31 – and it currently very unclear what will happen then – uncertainty will weigh down on the economy over the next few months at least and hamper the housing market.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “It is steady as she goes for the housing market, which is no mean feat given that it is the summer months when things traditionally get quieter and the backdrop of Brexit uncertainty.

“London is still creating a drag on average house price growth, with prices falling 2.7% over the year to June.

“However, this was an improvement on the May fall of 3.1%, suggesting price falls could be slowing and the market stabilising.”

Referring to the London market, Jonathan Hopper, managing director of Garrington Property Finders, said: “Prices in the capital are now falling more slowly, but the direction of travel remains clear.

“After 16 consecutive months of softening, sliding, and occasionally dropping, prices, the correction is still under way.”

By Vicky Shaw

Source: Yahoo Finance UK

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London house prices are tumbling: will it spread across the UK?

London house prices are falling at the fastest rate since the tail-end of the financial crisis.

The latest house price reading from the Office for National Statistics found that prices in the UK’s capital slid by 4.4% year-on-year in May.

That’s the biggest fall since 2009.

The big question is: will this spread across the UK?

Why London has been hit hardest by the housing downturn
The Office for National Statistics house price index is quite new. But it’s also quite comprehensive and it does come out a lot later than the other surveys, so the data is as close to “finished” as you’ll get.

So while a 4.4% slide in London house prices does seem like a big drop, there’s no obvious reason to discount it. And it does make sense, for reasons we’ll go into in a moment.

All I would say is that if you live outside London, and are hoping for a big slide elsewhere in the UK (prices across the country rose by about 1.2% in May), I wouldn’t necessarily expect it to spread.

There are three main reasons to believe that London is an outlier here. For a start, London prices went up by a lot more than those elsewhere in the country. It’s easy to forget this, because a lot of property comment is written by people living in London, for people living in London.

But the reality is that not every part of the UK has seen the ludicrous price boom that London has enjoyed/endured (delete according to whether you own a house or not). As a rule of thumb, in England and Wales, the further from London you go, the less wild the price appreciation.

Scotland is somewhat different in that Edinburgh is the centre of property price gravity, while Aberdeen has its own unique cycle linked to the price of oil. But prices have still lagged the southeast of England considerably.

As for Northern Ireland, prices there have yet to catch up with their 2007 peak, because Northern Ireland was swept up in the Irish property bubble and the epic bust that followed.

So London is now falling hardest because prices there soared the most.

Secondly, London was always the most vulnerable to all the legislative changes that have been made to try to cool the housing market.

London was the buy-to-let capital. But it also offered the lowest yields (because prices were so high). So over-leveraged London landlords were the first to feel the pain when the withdrawal of tax relief on buy-to-let mortgages kicked in.

Right after the changes were announced, one of the big banks calculated that London house prices would probably fall by about 20% overall as a result, and that now looks like it was a pretty good forecast.

And it’s not just buy-to-let. London was also the main destination for all the footloose and fancy-free global capital that wanted to find a secure bolthole. Once foreign investors started being taxed more heavily, and their affairs began to attract ever-so-slightly more scrutiny than before, the market at the top end of London felt the squeeze more than anywhere else.

Finally, there’s Brexit. I think it’s a pretty minor factor – relative to tax changes and increased suspicion of wealthy foreign buyers – but if it’s going to hit anywhere, then it’s London. (That said, the slide in the pound does have the side effect of making London property appealing to those globetrotters who do still want to buy here.)

Here’s what it would take to create a UK-wide property crash
Of course, if you’re outside London, then I wouldn’t despair either. Prices elsewhere in the UK aren’t exactly rocketing.

Overall, house price growth across the board (at around 1.2%) is now significantly lower than wage growth (around 3.6%). It’s also lower than inflation (about 2% or 2.8%, depending on your favoured measure).

In other words, house prices are falling in “real” (after inflation) terms across the board. Which is just what we’ve been hoping for.

Why are we hoping for that? If house prices fall in real terms, then they become more affordable. That defuses a lot of the political tension in the atmosphere (for most people, property ownership defines which side of the “wealth inequality” divide they feel they are on).

Another benefit of prices falling in real terms but staying basically flat in nominal terms, is that it doesn’t look too scary to existing homeowners. People will learn to cope with owning a house that doesn’t appreciate by roughly double their annual wage every year. But no one likes the idea that they might fall into negative equity.

So a fall in real terms keeps household and bank balance sheets looking healthy, while making life easier for potential first-time buyers.

For a harder fall or a full-on crash, you’d realistically need to see a rise in unemployment, a rise in interest rates, or both. Both of those factors create large numbers of people who suddenly can’t pay their mortgages, and therefore become forced sellers (sometimes via repossession).

Neither of those seems likely in the near term. And ideally, by the time we get to an economic environment where either of those things rise sharply, we’ll have a more affordable market in any case.

That might be too much to hope for – particularly as politics can always throw a spanner in the works – but I’ll keep my fingers crossed.

Of course, it means that the huge numbers of people who seem to be relying on property to provide their pension as well as a roof over their heads, might have to think about diversifying their portfolios.

If you’re nearing the stage of your life where you’re wondering how you’ll maintain your income and your standard of living once you stop working, I’ve got a seminar you should attend.

On the evening of 9 October, The Week’s City editor, Jane Lewis, will be talking to MoneyWeek’s David Stevenson and Charlotte Ransom of challenger wealth manager Netwealth about how to plan for the retirement you deserve. We’ve run these events before and they’ve always proved very popular, so grab your ticket now before they sell out.

By: John Stepek

Source: Money Week

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London house prices plunge at fastest annual rate since 2009

London property values fell by 4.4% in the year to May – the biggest decline since August 2009, the ONS and Land Registry said.

House prices in London have tumbled at the fastest annual rate since 2009, official figures show.

London property values fell by 4.4% in the year to May – the biggest downward slide for the capital since August 2009 when there was a 7% fall.

Housing market experts blamed Brexit uncertainty combined with “punitive” stamp duty costs.

Across the UK as a whole, house price growth remains slow, with northern areas and Wales seeing stronger growth, the report, released jointly by the Office for National Statistics (ONS), Land Registry and other bodies said.

Average UK house prices increased by 1.2% in the year to May, slowing from a 1.5% increase in April.

The average UK house price stood at £229,000 in May.

While London house prices fell over the year, the area remains the most expensive place to purchase a property with an average price of £457,000.

The report said London house prices have been falling over the year since March 2018.

ONS head of inflation Mike Hardie, said: “Annual house price growth remained slow but was once again strong in the North West and Wales.

“However, London experienced its biggest annual fall since August 2009.”

Average house prices increased annually by 3% in Wales to reach £159,000; by 2.8% in Scotland to £153,000; by 1% in England to £246,000 and by 3.5% in Northern Ireland to £135,000.

The North West was the English region with the highest annual house price growth in May, with values increasing by 3.4%. This was followed by the West Midlands, where house prices increased by 2.7%.

While prices fell in London by 4.4% over the year to May 2019, affordability is still an issue for those buying in the capital and South East as prices remain relatively high compared to incomes

Jonathan Harris, mortgage broker at Anderson Harris

Jonathan Harris, director of mortgage broker Anderson Harris, said: “House price growth is slowing as sentiment continues to weaken, partly as a result of Brexit uncertainty.

“While prices fell in London by 4.4% over the year to May 2019, affordability is still an issue for those buying in the capital and South East as prices remain relatively high compared to incomes.

“Mortgage rates remain low and continue to support transactions. Re-mortgaging remains strong as many people stay and improve rather than footing the considerable bill for a move to another address.”

Gareth Lewis, commercial director of property lender MT Finance, said: “The South West (where prices increased by 2.6% annually) and North West have shown reasonable growth over the past year and are propping up UK average property prices.”

Annual change in UK house prices
(PA Graphics)

Sam Mitchell, chief executive of online estate agent Housesimple, said: “House price growth remained somewhat subdued in May, but this does not tell the whole story…

“London’s price fall has plagued the UK average partly due to uncertainty but mainly because of the punitive stamp duty regime, while slowdowns in the South and East of England over the past three years have also taken their toll.

“Yet economic factors that underpin the property market are looking strong.

“Plus, the housing market is still showing sturdier than expected signs of resilience amid political uncertainty.

“Low unemployment and historically low interest rates are leading to high demand from buyers supporting house price growth, particularly in the North West and West Midlands.”

Marc von Grundherr, director of lettings and estate agent Benham and Reeves, said: “Although price growth may remain muted, these ‘slower’ markets are still home to the highest property prices in the UK.”

Source: Express and Star

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London house prices suffer UK’s steepest annual fall ahead of original Brexit deadline

House prices in London plunged 1.9 per cent in the year to March, the largest annual fall in the country, ahead of the UK’s original Brexit date.

UK-wide house prices jumped 1.4 per cent over the twelve months, but in London the average property price fell almost two per cent to £463,000, according to HM Land Registry figures.

Homes in the capital also fell 0.4 per cent month-on-month in March as the drop continued in the run up to the anticipated Brexit date of 29 March.

Despite the fall, the figures show an improvement on the 2.7 per cent annual drop to February.

Former RICS residential chairman and north London estate agent Jeremy Leaf said: “Once again, we are seeing London acting as a drag on the rest of the UK housing market as despite improvements in affordability, almost record low mortgage rates and unemployment, combined with a shortage of stock.

“With prices down one month, up the next – no real pattern has emerged.”

Chief executive of online estate agent Housesimple, Sam Mitchell, said the data provided a “distorted picture” as they were based on sales completed during peak Brexit chaos.

He said: “January and February, when offers would have been made for March completions, was approaching the eye of the Brexit storm.

“That uncertainty, and the political squabbling in Parliament, fed through to buyer and seller confidence, particularly in London and surrounding areas.”

He added: “The market has now settled down, and with the EU leave date extended to the end of October, we are expecting more buyers and sellers to take advantage of this Brexit limbo, and relatively calm market conditions, to proceed with sales and purchases.”

By Callum Keown

Source: City AM