Halifax house prices index7 Jun 2023 08:28
London house prices have fallen 1.2 per cent in the last year in a sign that the brief upturn in the market is now slowly beginning to fade.
According to figures by Halifax, homes across the south remain under the greatest pressure from falling prices – with homes in the South East now costing £385k representing a -1.6 per cent annual decline.
“Property prices have now fallen by about £3,000 over the last 12 months and are down around £7,500 from the peak in August,” Kim Kinnaird, director, Halifax Mortgages, said.
“But prices are still £5,000 up since the end of last year, and £25,000 above the level of two years ago,” she added.
The average home has tipped into negative territory over the past year, at -1 per cent, according to the building society.
Despite a surge in sales in early spring, the market has struggled as a new economic environment make its presence felt.