Property growth per square metre has slowed down in Greater London, providing fresh evidence of a subdued housing market in the capital.
Greater London property space suffered the lowest growth out of any region in the last 12 months, with house prices per square metre (psm) falling for the first time in eight years.
House prices psm in Greater London grew less than one per cent (£25) in the year to July, while over the same period East Anglia marked a seven per cent rise, according to new research from Halifax.
However, house prices psm in Greater London still stand far above the rest of the UK at £5,131, compared with the national average of £2,256.
Meanwhile, the north and south east of England also witnessed a slowdown in growth, with prices psm rising just two per cent each.
Nearly half of all London borough experienced a fall in prices between one and three per cent over the last year.
According to the research Camden reported the most significant drop in prices, falling five per cent in 12 months.
Russell Galley, managing director of Halifax, said: "It is no surprise that Greater London is substantially more expensive than anywhere else in the country. Should recent trends persist, prices in the capital will continue to tread water whilst the rest of the country slowly plays catch up.
"While cheaper locations such as Scotland and Wales have started to increase more rapidly over the last 12 months, the prices per square metre in Scotland and Wales mean home buyers can get a lot of house for their money in these regions compared to Southern England."