Annual house price growth in London fell to the lowest rate since October 2012 and down from 11.2% in the year to March 2015, according to the Office for National Statistics’ latest house price index.While annual price growth also dropped dramatically across the UK in April, increases still surpassed those seen in London. The East and the South East led increases in house prices across England, which climbed by 9.6% and 8.4% respectively.
House price annual inflation stood at 5.8% in England, 1.3% in Wales, 2.2% in Scotland and 8.8% in Northern Ireland in April.
First-time buyers were worse off in the housing market in April, with prices 5.8% higher on average, compared to 5.4% for homemovers.
Guy Meacock, head of the London office of buying agency Prime Purchase, said: “April’s data is now slightly irrelevant – the interesting thing will be to see how the market will perform in coming months. From our perspective there hasn’t been an immediate recovery although it does feel like a more balanced and even market, with the return of the domestic buyer in prime central London.
“There is an underlying greed to the sales market in London in particular. Many vendors have jumped on the idea that they should put the price up of their home because of the election result and yet it continues to be unsold.”