London house prices had annual growth of 2.9 per cent, according to the latest Your Move figures for April, marking the lowest rate since March 2012.
Prices fell on a monthly basis – dipping 0.3 per cent – taking the average house price in London to £636,947.
The latest figures show a number of London boroughs recording steep falls over the 12 months to April, including the City of London, Southwark, and Wandsworth.
Risers and fallers of house price growth
|Biggest fallers||Biggest risers|
|1. City of London – down 24.9 per cent||1. Kensington and Chelsea – up 10.4 per cent|
|2. Southwark – down 19.1 per cent||2. Lambeth – up 5.8 per cent|
|3. Wandsworth – down 13.1 per cent||3. Camden – up 5.4 per cent|
Boroughs ranked by house price as of April
|London borough||Average house price April 2018||Monthly % change||Annual % change|
|1. Kensington and Chelsea||£2.2m||-8.1 per cent||10.4 per cent|
|2. City of Westminster||£1.6m||-1.3 per cent||-8.7 per cent|
|3. Camden||£1.3m||1.3 per cent||5.4 per cent|
|4. Hammersmith and Fulham||£879,224||-7.3 per cent||-0.4 per cent|
|5. Richmond upon Thames||£768,138||3.4 per cent||-10.7 per cent|
|6. City of London||£756,713||6.4 per cent||-24.9 per cent|
|7. Wandsworth||£683,355||-0.8 per cent||-13.1 per cent|
|8. Islington||£677,900||-0.8 per cent||-6.8 per cent|
|9. Barnet||£671,958||1.9 per cent||-1.8 per cent|
|10. Haringey||£651295||-0.4 per cent||4.1 per cent|
Over the year, the highest fall was posted in the City of London, down 24.9 per cent. Your Move did though, point out that low transaction volumes here result in large changes to average values, and just 10 sales had been recorded in April 2018 at the Land Registry.
The second largest fall was in Southwark, with a 19.1 per cent slump, then Wandsworth's 13.1 per cent slip.
Overall, 24 of the 33 boroughs have recorded prices fall over the year, with nine posting rises.
Growth was more modest, with just the most expensive borough in Kensington and Chelsea, racking up double-digit growth. The average house price there was up 10.4 per cent to £2.2m, with Lambeth second for house price growth – up 5.8 per cent.