29 September 2017
House prices in London have registered their first annual decline in eight years, making the capital the worst-performing region in Britain – a position it last held in 2005.
The data, published today by lender Nationwide Building Society, showed a “marked slowdown” in London while the rest of the country saw prices continue to rise.
While price growth in the capital has been falling for some time, these are the first of Nationwide’s figures to reveal an actual fall since the onset of the financial crisis.
This picture was confirmed by separate data from house price analysts Hometrack, which shows house price growth in Manchester, Birmingham and Edinburgh soaring ahead while the capital drags down overall growth.
Manchester recorded annual house price growth of 7.3pc, Hometrack said, as falling unemployment and record low mortgage rates continue to support demand. Birmingham’s rate of growth was 6.7pc and Edinburgh was at 6.6pc.