Data from the Office for National Statistics (ONS) shows London house prices fell 1 per cent on the year in February, the first decline since September 2009.
In the latest sign that the property market in the capital is slowing down, figures from the ONS show the average price of a home in London dropped by almost £5,000 over the 12 months to February, falling to £471,986, down from a peak of £488,247 last July. The steepest falls were recorded in the central borough of Tower Hamlets, which includes Canary Wharf, with average prices down by almost 8 per cent.
Meanwhile, across England, prices rose by 4.1 per cent to an average of £242,176 in the year to February. In Wales, house prices rose by 4.8 per cent to an average of £153,000. In Scotland, the average price increased by 6.2 per cent to £144,000, while in Northern Ireland prices rose by 4.3 per cent to an average of £130,000.
Separately, recent research has named London boroughs Camden, Westminster and Richmond among the five best places to live in the country.
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK property and business market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.