House prices in the City of London fell by 18.4% in the year to July in the biggest fall of any UK local authority.
Average prices in the UK as a whole rose by 5.1% to £226,000 in July, which is £11,000 higher than in July 2006 and £2,000 higher than in June, according to the ONS.
In England, London had the least growth, at less than 3% over the past year, while prices in the East Midlands rose by 7.8%. The capital’s rate of growth has outpaced the rest of the country since the financial crisis, but that dynamic has recently shifted. At an average house price of £489,000, however, London is still by far the most expensive part of the country. The South East comes at a distant second at £321,000 per home.
Despite slower growth in London, prices in Kensington and Chelsea were among the biggest movers in the year to July at 13.2% growth.
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