House prices in London fell 1.2% in November compared to the previous month, according to the latest official figures from the Office for National Statistics (ONS).
Overall, annual house price growth in the UK reached 2.8% in the month, with London and the South East driving down the figure.
Statistics show that the slowest growth rate was actually in the capital, where prices fell by 0.7% in the year to November 2018, unchanged from the previous month.
Meanwhile, the average UK house price was £231,000 in November 2018, £7,000 higher than in the same month in 2017.
However, on a non-seasonally adjusted basis, average UK house prices fell by 0.1% between October and November 2018.
Many London-based estate agents are feeling the effects of the downturn in the London market as buyers are deterred by continued economic uncertainty.
Back in July, Foxtons (LON:FOXT) reported a half-year loss as a result of weaker demand in London.
Foxtons also announced the closure of six stores in London in November amid a “tough market”.
Similarly, Kevin Roberts, director of the Legal & General Mortgage Club, commented on the latest house price figures: ”
