Official: London house prices fell 1.2% over last year
House prices in London fell by 1.2% over the year to April 2019, according to the official UK House Price Index from the Office for National Statistics.
The capital was the worst perfoming region in England, followed by the South East, where prices fell by 0.8% over the year.
Jonathan Samuels, CEO of Octane Capital, said: “Sadly, with a no-deal Brexit now a real possibility once again, the London property market remains highly exposed. If Brexit hits hard, it could hit prices in the capital the hardest.”
The East Midlands was the English region with the highest annual growth, with prices increasing by 2.9% in the year to April 2019. This was followed by the North West, with prices increasing by 2.6%.
Average house prices across the whole UK increased by 1.4% in the year to April 2019, down from 1.6% in March 2019. The average UK house price was £229,000 in April 2019.
Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by falling prices in the south and east of England.
Jonathan Hopper, managing director of Garrington Property Finders, said: “The market remains finely balanced, with good homes selling fast and five English regions clocking annual price rises of 2% or more.
“Such solid price progress would be an achievement in any context, but against the current economic backdrop it’s a testament to the resilience of buyer demand and the scarcity of supply.”
House price growth in Wales increased by 6.7% in the year to April 2019, up from 3.9% in March 2019, with the average house price at £164,000.
The average house price in England increased by just 1.1% over the year to April 2019, down slightly from 1.3% in March 2019, with the average house price in England now £245,000.
House prices in Scotland increased by 1.6% in the year to April 2019, down from 3.5% in the year to March 2019, with the average house price in Scotland now £151,000.
Northern Ireland house prices increased by 3.5% over the year to Quarter 1 (Jan to Mar) 2019. Northern Ireland remains the cheapest UK country to purchase a property in, with the average house price at £135,000.