London’s housing market continues to slow, with the latest figures revealing that prices increased at their slowest rate for nearly five years in February.
The average cost of a residential property in the capital increased by just 3.7% to £474,704 in the 12 months to February and actually fell by 0.9% compared with January, according to the latest data from the Office for National Statistics (ONS).
The figures show that annual house price growth in the capital has now not only been dwarfed by the East and South East of England, but also by five other regions, including the North West.
Prices in London are now falling year-on-year in four boroughs, led by Tower Hamlets, where they declined by 2.9%, followed by Brent, where they dropped 2.3%, Islington with a 1.9% fall and Hammersmith & Fulham, where values depreciated by 0.2%.
While the slowdown in the housing market will concern some homeowners in the city currently thinking about selling their property, many shrewd investors will view existing market conditions as an opportunity to bag a bargain.
Nick Leeming, Jackson-Stops & Staff chairman, commented: “Despite currently standing in eighth place in the growth stakes, London’s global safe haven status means that its appeal among investors will continue to endure in the long term, and the recent adjustment in values means that it now offers better value for money than in previous years.”