House prices in London declined sharply in July

September 20, 2018 1:10 pmComments Off on House prices in London declined sharply in JulyViews: 161

House prices in LondonHouse prices in London reported their biggest decline in July in nearly a decade, according to the data from the National Statistics Service. The house prices fell by 0.7% yoy, which is the biggest decline since September 2009.

The average property price in the British capital in July is 485,000 GBP. This sliced off around 2,500 GBP per home.

A separate one-off ONS analysis of the London property market concluded that its slowdown over the past two years may have been because the capital was “particularly affected by a fall in net EU migration and wider uncertainty following the Brexit referendum result”.

The housing market trends in London are usually beginning to form in the center and in the western part of the city and just then head out, according to an analysis of the statistical office for the financial crisis and the subsequent period.

At national level, growth stood at 3.1%, which is the slowest pace since August 2013, and is mainly due to slowing growth in southern and eastern England.

British homes currently cost an average of 231,000 GBP, with the strongest growth rate being recorded in the northwestern part of the country.

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