City house prices plummet as London market continues to cool
The price of homes in the City and its surrounds has slumped as the London market continues to chill, according to a study from real estate firm Your Move.
The research showed that house prices in the City fell 25.9 per cent in the year to April, although this was only on a small number of sales, while prices in Southwark dropped 19.1 per cent.
Overall, London saw an annual growth of just 2.9 per cent, the lowest since March 2012.
Prices also fell on a monthly basis, down 0.3 per cent, taking the average house price in the capital to £636,947.
A number of London boroughs have also seen big falls over the last 12 months, with house prices in Wandsworth down 13.1 per cent.
Only Kensington and Chelsea, the most expensive borough, recorded double-digit growth, up 10.4 per cent to £2.17m.
The next highest increase over the year was Lambeth, where prices increased 5.8 per cent.
Overall, 24 London boroughs have seen prices fall over the year, and just nine have seen them rise, according to the Your Move research.
Across the UK, the housing market showed more signs of resilience, with the annual house price rate in May rising from 2.1 per cent to 2.2 per cent following 11 months of falls.
On a monthly basis prices were flat with no change on April.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents said: “Whilst the market may seem subdued, we should welcome the fact that every region in the UK is still growing and that the London market seems to be shaking off its malaise.”