London house prices fell in October and are growing at their slowest annual rate since 2012

William Turvill
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House Prices Are Stagnant In London
London house prices fell 0.2 per cent in October (Source: Getty)

Average London house prices fell in October and are growing at their slowest annual rate in four years, according to a new report out today.

Across England and Wales as a whole the average price of a home increased 0.4 per cent between September and October, or three per cent on October 2015, to £294,351.

However, breaking down the data – from the monthly Your Move England & Wales House Price Index – by region, Greater London was one of the areas to see prices fall between September and October (0.2 per cent).

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Year-on-year, it was the third slowest growing area, with prices up 0.9 per cent to an average of £579,378. This is the lowest annual rise seen in London since February 2012.

Within Greater London, generally speaking, the cheapest boroughs’ house prices are continuing to grow strongly: Barking and Dagenham prices are up 16.8 per cent year-on-year to £293,868 and Bexley 15.8 per cent to £349,516.

But the five most expensive boroughs’ prices have all fallen on last year, led by the City of London, down 13.3 per cent to £819,670.

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Speaking about the national picture, E.surv director Richard Sexton said: “In some ways despite a slow down, the housing market, like the economy, has remained surprisingly resilient since the vote for Brexit.

“The variety of fortunes in different areas, however, shows the challenge the government faces as it prepares its Housing Policy White Paper, expected this month.”

Here is a breakdown of London borough average house prices:

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