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London house prices have endured their 16th consecutive month of declines, taking average prices in the capital below where they stood on the day of the Brexit referendum. The average home in London lost more than £13,000 in value over the 12 months to June, to £466,824, according to Land Registry data. Prices in Wales are up 4.4% annually and those in Northern Ireland climbed 3.5%. Within England, the East Midlands showed the strongest growth in prices with a rise of 3.2% on last June's property values. Analysis by Savills indicates that 18 London boroughs still have prices higher than they were on the day of the referendum, though 14 and the City of London have seen falls. Prices in the City are 21.6% below June 2016, the worst-affected area, while the biggest Brexit falls in any borough were in Hammersmith and Fulham, down 11.4%. In Barking & Dagenham they remain 11% higher and, across Brit ain, prices rose 0.7% in the month of June to an average of £230,292 - up 0.9% on June 2018. Richard Donnell, research and insight director at Zoopla, said: "Signs of greater realism on pricing from sellers has resulted in a small but important increase in sales, but affordability and weak market sentiment are still the main constraints here."
The Times (14/08/2019)