London house prices fall 2.6% in biggest annual drop since 2009

House prices fell last month at the fastest annual pace since 2011, according to the Halifax, with the average UK property price in June down 2.6% year-on-year, or £7,500, to £285,932. The drop was more than double the fall of 1.1% in May, marking the largest such fall for twelve years. Prices have come under most pressure in the south of England, falling by 3% over the past 12 months. Prices in London are also down by 2.6% year-on-year to £533,057, the largest fall in the capital since October 2009. Kim Kinnaird, Halifax's director of mortgages, said: "With very little movement in house prices over recent months, this rate of decline largely reflects the impact of historically high house prices last summer supported by the temporary stamp duty cut."

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