Sales of London homes to the end of April were 29 per cent lower than the same period last year, according to Your Move’s latest England and Wales house price index.
House prices in the capital continued to rise, up 2.7 per cent in the year to April 2017, but this is the second lowest annual rise seen in London since March 2012. The average house price in London at the end of April stood at £615,838, up 0.1 per cent on the month before.
Haringey was named the best performing borough, with house prices up 12.5 per cent annually thanks to an increase in prices of flats. In contrast, Islington was the worst performer with house prices down 10.4 per cent following a surge in sales of terraced houses ahead of the three per cent stamp duty surcharge on second homes introduced last year.
The index also found that prime property in the capital registered strong growth on an annual basis.
Kensington and Chelsea, where average prices stand at £1.9m, enjoyed annual growth of 8.8 per cent while house prices in the the City of Westminster rose by 9.7 per cent. Meanwhile, the City of London saw the biggest monthly increase up 9.6 per cent to £998,709.
Meanwhile, average house prices in England and Wales during May reached new peak of £303,200 despite "General Election uncertainty", Your Move said.
Transactions in the north east (up 10 per cent), North West (six per cent), Yorkshire and Humberside (seven per cent), East Midlands (four per cent), West Midlands (six per cent) and Wales (13 per cent) are all higher in the three months to the end of April 2017 than the same period in 2015.
Meanwhile, transactions in greater London and the south east are down by 19 per cent and seven per cent respectively.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “There was a lot of talk about housing from the parties in their election manifestos, it’s now time for those words to be put into action.
“The market remains resilient and there’s encouraging activity in the north, but we need to urgently address the serious blockages in house building holding back labour mobility and economic competitiveness in too many areas of the country.”
|RANK||LONDON BOROUGH||Apr-16 (£)||
|Apr-17(£)||Monthly change||Annual change|
KENSINGTON AND CHELSEA
|£1.83m||£1.95m||£1.99m||2.1 per cent||8.8 per cent|
CITY OF WESTMINSTER
|£1.62m||£1.75m||£1.77m||1.1 per cent||9.7 per cent|
|£1.03m||£1,03m||£1.07m||3.5 per cent||3.5 per cent|
|4||CITY OF LONDON||£978,300||£911,046||£998,709||9.6 per cent||
2.1 per cent
HAMMERSMITH AND FULHAM
|£924,728||£870,635||£850,121||-2.4 per cent||-8.1 per cent|
RICHMOND UPON THAMES
|£787,671||£759,416||£768,301||1.2 per cent||-2.5 per cent|
|£779,290||£776,782||£765,262||-1.5 per cent||-1.8 per cent|
|£793,998||£726,011||£711,374||-2 per cent||-10.4 per cent|
|£638,817||£649,619||£672,427||3.5 per cent||5.3 per cent|
|£574,186||£647,189||£645,872||-0.2 per cent||12.5 per cent|
|£628,355||£625,435||£641,754||2.6 per cent||2.1 per cent|
|£646,663||£652,751||£623,206||-4.5 per cent||-3.6 per cent|
|£593,444||£599,002||£598,081||-0.2 per cent||0.8 per cent|
|£550,006||£569,111||£583,612||2.5 per cent||6.1 per cent|
|£592,321||£577,075||£571,739||-0.9 per cent||-3.5 per cent|
|£527,086||£562,858||£558,959||-0.7 per cent||6 per cent|
KINGSTON UPON THAMES
|£565,193||£536,596||£538,036||0.3 per cent||-4.8 per cent|
|£507,108||£527,306||£535,569||1.6 per cent||5.6 per cent|
|£495,212||£539,875||£528,555||-2.1 per cent||6.7 per cent|
|£485,493||£541,603||£521,627||-3.7 per cent||7.4 per cent|
|£469,537||£486,981||£493,660||1.4 per cent||5.1 per cent|
|£444,711||£469,098||£472,220||0.7 per cent||6.2 per cent|
|£450,907||£462,411||£462,014||-0.1 per cent||2.5 per cent|
|£434,126||£455,296||£452,757||-0.6 per cent||4.3 per cent|
|£447,725||£451,719||£451,838||0.0 per cent||0.9 per cent|
|£420,450||£445,638||£449,066||0.8 per cent||6.8 per cent|
|£439,019||£431,684||£420,661||-2.6 per cent||-4.2 per cent|
|£398,310||£399,118||£404,936||1.5 per cent||1.7 per cent|
|£377,330||£397,070||£393,490||-0.9 per cent||4.3 per cent|
|£352,493||£375,895||£377,291||0.4 per cent||7 per cent|
|£361,310||£373,505||£365,573||-2.1 per cent||1.2 per cent|
|£338,756||£353,308||£352,643||-0.2 per cent||4.1 per cent|
BARKING AND DAGENHAM
|£289,577||£297,827||£298,224||0.1 per cent||3 per cent|
|599,661||614,971||615,838||0.1 per cent||2.7 per cent|