London house prices plummet as other regions grow

13th April 2018

House prices in London declined at their sharpest rate for nine years during the first part of 2018. Prices fell by 3.2% in the first three months of the year to an average of £430,759, the lowest since the end of 2015, according to a report by Halifax and IHS Markit. On an annual basis, London saw a 3.8% reduction, the worst drop since 2011. Most regions continued to show house price growth, but the South East was sluggish at just 0.3%. Leading growth was the East Midlands, at 7.3%, followed by East Anglia at 7.2% and Scotland at 6.7%. IHS Markit's Paul Smith said that as a result of the squeeze on real incomes, an undercurrent of Brexit-related uncertainty, and the likelihood of higher interest rates, "the market seems set to persist in a subdued state".

The Times (12/04/2018)   City AM (12/04/2018)   The Guardian (12/04/2018)