House prices in London are falling at the fastest annual rate in just under a decade with some boroughs seeing declines of as much as 15%.
Figures from LSL Property Services, an estate agency chain, and Acadata, the property pricing specialists, suggest England and Wales is experiencing a reversal of price-growth trends, with prices falling or barely moving in the southeast but booming further north.
In the capital, prices fell 2.6% in the year to January to an average of £593,396, the biggest annual decline since August 2009 at the height of the global financial crisis. In Wandsworth, south London, average prices fell £100,000 or 14.6%.
