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Home prices in London slump, though overall UK’s figure at the highest

London and UK’s south-east have continued to register falling of home prices, even though the country’s overall figure jumped to the highest ever. The capital’s asking prices declined 0.2% this month compared to May 2017, today’s report by Rightmove says.

Other parts of the south-east saw a 0.1% decrease in asking prices for the same period. On the whole, UK prices rose 0.8%, with the midlands and Wales showing over 4% surge. The average price of houses reached a historic maximum of £308,075.

However, agreed sales fell in number by 5.4% across Britain in 2018 in comparison to the same period of last year. The last annual slump in prices in the south-east took place in 2011, showing that cooling in the London market is currently moving to the suburbs, as inner London tends to recover, Miles Shipside of Rightmove said.

London’s home prices have been moving down since the middle of 2016, other reports show. Visits to Rightmove make clear that the capital’s buyers are still interested, but the number of agreed sales in London is dwindling, Russell Quirk of Emoov said.

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