UK house prices: drop continues for sixth consecutive month with some inner London boroughs hit by 10 per cent slump

1/34

London house prices have fallen for the sixth month in succession in the longest run of property market declines since the financial crisis.

The average home in the capital was worth £473,822 in December, 0.6 per cent — or around £3,000 — less than a year previously, according to latest data from the Land Registry.

Prices have dipped every month since June, although the drops are far less dramatic than those seen in 2008 and 2009 in the turbulent aftermath of the collapse of Lehman Brothers bank.

However, some individual central boroughs where many expensive new homes have been built over recent years have seen more substantial falls.

Prices dropped more than 10 per cent from an average of just under £1.1 million to £985,082 in Westminster, and by 8.2 per cent from £465,625 to £427,245 in Tower Hamlets, where the Docklands financial district is located.

Jonathan Samuels, chief executive of property lender Octane Capital, said: “What we’re seeing is a property market grinding slowly, but very surely, to a halt.”

The annual rate of inflation eased more than expected to 1.8 per cent, the lowest rate since January 2017.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in