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London’s property market slows down dramatically

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11th Apr 17 2:15 pm

These are the figures

According to official figures, London’s property market has seen a significant slow down, prices are rising at their slowest rate for nearly five years.

In the year to February the average cost of a home in the capital only saw an increase of 3.7 per cent to £474,704. This is the latest data from Land Registry.

In four boroughs prices are falling year on year. The biggest fall was seen in Tower Hamlets, prices managed to drop by 2.9 per cent. Brent saw numbers fall by 2.3 per cent, Islington with a 1.9 per cent fall and Hammersmith & Fulham saw figures dip by 0.2 per cent.

Russell Quirk, founder and chief executive of online agents eMoov.co.uk, said: “Although many have been quick to attribute a slowdown in the market to fears of Article 50 and buyer uncertainty, the latest data from the Land Registry would suggest a more natural adjustment is currently happening to the market.

“Prices across the board have generally continued an upward trend despite a slower start to the year than usual, but it is no coincidence that both London and the South East have seen some of the only falls in monthly property price growth.

“Both have considerably higher average house prices than the rest of the UK and what we are currently seeing is the property market in these areas realigning itself with the rest of the country, having seen an abnormal level of inflation over the last year.”

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