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House prices fall in London and the south east despite hitting a fresh record high across the UK as a whole

House prices in London and the south-east have continued to slump, despite hitting a record high across the UK as a whole.

Asking prices in London were down 0.2% in May compared to the same month last year, according to Rightmove data published today.

In the rest of the south-east, asking prices were down 0.1% on the same measure.

Nationally, however, prices were 0.8% higher, with increases above 4% in both the Midlands and Wales.

Read more: Rural properties prove pricier: Here’s why… and where not to buy

The average price for property coming to the market rose to an all-time high of £308,075.

Nonetheless, the number of sales agreed by estate agents across the country is down 5.4% in 2018 compared to the same period in 2017.

“The last time the south-east recorded an annual price fall was in 2011, indicating that the softening in the London market is now spreading to its commuter belt, while there are signs that inner London may be closer to a price recovery,” said Rightmove director Miles Shipside.

Other surveys have pointed to a fall in house prices in the capital since the summer of 2016.

By | 2018-05-22T23:50:19+00:00 May 14th, 2018|Bridging Finance, Business, Finance, Media, News|0 Comments

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