Detached homes in London fell in value by more than £50,000 in a year, according to official figures, driving the slowdown in UK house price growth. Typically, this type of property cost £903,088 in May last year, but fell by 6.1% to £847,998 by this May, Land Registry figures show. The prices of other property types in the capital also fell, but by less. The average home in the capital is now valued at £457,471. Just seven of London's 33 boroughs saw an increase in average sold prices in the past 12 months, including Newham, Hackney, and Barking and Dagenham. The London housing market has been affected by factors ranging from stamp duty and other tax changes to sentiment among buyers and sellers owing to Brexit. Annual property price rises overall in the UK slowed to 1.2% in May, from 1.5% the previous month.
BBC News (17/07/2019) The Times (17/07/2019) Evening Standard (18/07/2019)