Properties in London have registered their biggest annual fall in a decade, amidst reports that the UK housing market is running out of steam.
According to Rightmove, asking prices in the capital have dropped by £18,000 in the space of a month with the average asking price of a home in Kensington and Chelsea plummeting by more than £300,000 between August and September.
Rightmove figures said that the typical price of property coming to market in London has slipped to £610,912, down £18,358 on August’s £629,270. Sellers in the north London borough of Camden are asking an average of 7% or almost £75,000 less than an equivalent seller a month ago. By contrast, the typical asking price in the central borough of Southwark leapt more than 9% from £618,000 to £676,000 between August and September.
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