London house prices have been on the slide longer than during the slump that followed the financial crisis, after a 16th consecutive month of falls was revealed today.
The latest 2.7 per cent drop in the year to June also means that average prices in the capital are now 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 stand at £466,824, according to latest figures from the Land Registry.
That is 0.3 per cent below the £468,120 average in June 2016, when the country voted to leave the European Union. The “bear market” in London property began in March last year and has continued without a break ever since.
It is the longest continual decline in prices since the early Nineties property crash, when there were falls every month from October 1990 to March 1993. However, that slump saw much bigger drops leading to a huge negative equity crisis.
Analysis by agents Savills revealed that 18 London boroughs still have prices higher than they were on the day of the referendum, while 14 — and the City of London — have seen falls. The worst affected local authority area is the City, where prices are 21.6 per below the level they stood at in June 2016.
The biggest Brexit falls in any borough were in Hammersmith and Fulham, with prices down 11.4 per cent. But in Barking & Dagenham they are still 11 per cent higher.
The 2.7 per cent fall was a slight slowing from the 3.1 per cent recorded in May but agents said there were few immediate signs of an upswing in a market still dominated by the “fog” of Brexit. Agents Jackson-Stops did predict “a modest uplift” once a firm decision has been made on Brexit “and people decide to get on with their lives”.