House prices in London are falling at the fastest rate since the depths of the UK's last recession during the global financial crisis, a survey from Acadata released on Monday showed.
Acadata's report showed that house prices in the capital fell to an average of £593,396 (R9.7 million) in January, which equates to an annual fall of 2.6%. That marks the biggest drop since August 2009 when Britain was in the depths of the financial crisis.
The south-west London borough of Wandsworth performed worst in London. Prices there fell by 2.5% month-on-month or by 14.9% when compared to January 2017. Prices in Southwark dropped 12.2% on an annual basis.
But some boroughs saw strong annual price growth in Acadata's survey, with prices in the northern borough of Brent increasing 8.5%.
Here's Acadata's map of the capital:
Estate agents Savills, for instance, forecasts that prices in Greater London will fall 1.5% over 2017 then fall by a further 2% in 2018, before stabilising in 2019 and returning to growth the year after.
The London slowdown — which is already starting to bite — is being driven by bloated prices in the capital, slow progress in Brexit negotiations, and worries about further interest rate hikes from the Bank of England, which drive up mortgage costs.
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