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London home prices drop unexpectedly with growth reigning elsewhere in the UK

Home prices in London dropped, it’s the first such instance in 8 years, meantime growth reigns elsewhere in the UK, Nationwide reported.

The mean price of a house in London is £471,761, which is 0.6% lower between July and September year-on-year. That’s the worst reading since 2009, when Britain was going through the repercussions of nearly a crash of the world’s banking system.

However, the capital was just a single place in the UK where prices went down in the third quarter, moving London to the last position in the list of regions in terms of performance, which is the first such case since 2005.

Overall in the country, home prices grew by 2.2% to £210,982. East Midlands topped the list, where prices jumped 5.1% to £177,825. Nationwide’s Robert Gardner pointed out that the difference between home price rise in various locations in Britain was narrowing in recent quarters.

Yearly rise rates in the southern parts of the UK have slowed down compared to other places in the country, while London showing especially notable deceleration, where annual prices slumped for the first time in the last 8 years, he also said.

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