بيوت للبيع House prices in London tumbled in March, with the annualised rate of inflation dropping to minus 0.8%, the steepest fall since 2009, according to official Land Registry figures for March.
The falls in the capital contrast with continued rises across the rest of the UK, with the overall rate of house price inflation at 4.2%, with the highest rise in Scotland at 6.7%.
According to the latest Rightmove House Price Index, average asking prices in London have fallen in two thirds of boroughs over the past year.
While the average drop across the whole of London has been a minimal 1%, prices continue to fluctuate massively across the capital.
Property experts in London said buyers are “sensing blood in the water”, with sellers forced to cut prices steeply to ensure a sale.
The reasons behind this drop in demand for property in London range from the increased Stamp Duty levy to reductions in mortgage interest relief, as well as Brexit, which may have reduced the appeal for overseas buyers.
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