London House Prices Drop for 1st Time In 8 Years

London House Prices Drop

According to a recent report by the Nationwide Building Society, London house prices drop for the first time in 8 years, making London the weakest performing region across the UK, with prices in the region down 0.6% year on year.

While the UK has seen a stable house price growth rate at 2.0% in September, London has seen a predominant slowdown, with prices actually falling in annual terms by 0.6% for the first time since 2005.

Looking back over the Q3 2017, house price growth rate remained fairly steady. East Midlands was the most robust performing region with prices up 5.1% year-on-year, while London was the only region to drop with a 0.6% fall rate.

Average house prices in England increased by 2.3% annually. Outside of England, Northern Ireland saw an annual growth of 2.4%, while Wales saw 2.6% and Scotland saw 1.9%.

London house prices drop for first time in 8 years

Region Average price (Quarter 3) Annual % change this quarter Annual % change last quarter
East Midlands £177,825.00 5.1% 4.1%
South West £240,832.00 4.8% 4.4%
West Midlands £183,018.00 4.6% 3.6%
Outer SE £277,519.00 3.9% 3.5%
East Anglia £222,080.00 3.9% 5.0%
North West £156,193.00 2.8% 4.1%
Wales £149,970.00 2.6% 1.4%
North £127,213.00 2.5% 1.1%
N Ireland £133,659.00 2.4% 3.8%
Outer Met £365,584.00 2.1% 2.1%
Scotland £146,022.00 1.9% 1.7%
Yorks & Humber £151,482.00 0.4% 2.3%
London £471,761.00 -0.6% 1.2%
UK £210,982.00 2.2% 2.8%

Bank rate increase is looking more likely

There has been an indication by the Bank of England’s Monetary Policy Committee that an interest rate increase is likely in the coming months; this could even happen as early as November. This would be the first increase since July 2007. This increase is dependent on how the economy evolves over the next couple of months but most economists are suggesting a small rose of 0.25% is likely, which would take the bank rate to 0.50%.

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