House prices fell by 4.3% in Greater London in the year to January 2018 – the steepest drop since August 2009, LSL’s House Price Index has found.
The falls are generally concentrated in the capital’s most expensive boroughs, with prices dropping by 10.8% in Camden, 18.2% in the City of London and 12.7% in Wandsworth.
Across England and Wales prices have fallen by 0.4% year-on-year despite jumping up by 0.2% in January.
Annually prices saw the biggest increase in the South West (3.9%) and North West (3.8%), but they fell in Greater London (-4.3%), the North East (-0.7%) and the South East (-0.2%)
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “The slowdown in London can now also be seen in the South East and North East.
“Time will tell if the rest of England and Wales remains resilient, but the increase in January will be seen by many as positive news and an indication of continued demand.
“And, with the focus on supporting those entering the property market – including the abolishment of stamp duty for first time buyers – we may see more movement in the market which should bring benefits for all.”