Property prices fall £4,000 in just four months

The average UK property price has dropped almost £4,000 in four months, driven by declines in London and the commuter belt. Annual growth in January dropped back to 1.7%, from 2.2% in December, while prices in the capital were down 1.6%, according to the latest Office for National Statistics (ONS) data. The figures come one week after the Office for Budget Responsibility (OBR) downgraded official forecasts for house price growth over the next few years, predicting that average prices will drop by 0.3% in the fourth quarter of 2019 before growth returns in the second quarter of 2020, to 0.9% - well below the previously forecast figure of 3.1%.

The Times (21/03/2019)   The Daily Telegraph (21/03/2019)