PHOTO: The property market is cooling. Photo: Matt Dunham/AP
London’s property market has recorded its worst year in a decade as prices sunk by 4.4% in the year to May, according to official figures.
Prices in the capital slid by 2.5% between April and May, as Brexit uncertainty hit confidence in the housing market.
Nationally house prices rose only 0.1% between April and May, according to the UK house price index published by HM Land Registry on Wednesday. That matched February’s six-year low.
London had the worst year for prices of anywhere in the UK, with the 4.4% decline a steep fall on the previous month’s year-on-year drop of 1.7%.
It is also the worst annual decline in London since August 2009 during the financial crisis, when prices tanked by 7%.
UK property prices were almost flat between May and June as fears continue to build of a no-deal Brexit in October, which the Bank of England has warned could cause property prices to crash.
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