Newspaper article The Evening Standard (London, England)

The Boom Is over First Annual Fall in London House Prices since 2009

Newspaper article The Evening Standard (London, England)

The Boom Is over First Annual Fall in London House Prices since 2009

Article excerpt

Byline: Jonathan Prynn Consumer Business Editor

LONDON'S property boom came to a juddering halt last year with the first annual fall in prices since the financial crisis, according to the latest figures.

Homes in the capital fell in value by an average of 0.5 per cent, or PS2,151, in 2017 to end the year at PS470,922, the data from building society Nationwide reveals.

Prices had not previously gone into reverse since 2009, when London was still reeling from the banking meltdown after the Lehman Brothers collapse.

But the overall 0.5 per cent fall hides marked contrasts between the overheated centre, where prices are 15.9 per cent below their 2014 peak, according to estate agents Savills, and the more affordable suburbs where they are still rising.

It places London at the bottom of the regional growth table for the first time since 2004. The top property hotspot is the West Midlands, which saw a 5.2 per cent rise. However, the capital remains easily the most expensive place to buy a home in Britain with prices more than double the national average of PS211,156. …

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