
The average house price in London has fallen year-on-year for the first time in nearly a decade, the Office for National Statistics (ONS) has revealed.
From February 2017 to February 2018, the average price of a residential property in the capital dropped by 1.0% - equivalent to around £5,000.
However, the London property price situation is a little more complicated when analysed borough by borough, The Guardian reports.
Tower Hamlets (which includes trendy neighbourhoods like Hackney Wick and Bethnal Green) saw the biggest year-on-year fall: a hefty 7.9%.
Hammersmith and Fulham (-5%) and the City of London (-4.4%) also saw significant slips, but outer London boroughs Redbridge (+8.9%), Havering (+4.2%), Bexley (+4.1%) and Bromley (+3.8%) all posted notable increases.
Overall, according to the ONS report, the average house price in the UK has risen 4.4% year-on-year. The areas that experienced the highest price hikes from 2017-18 are the West Midlands (7.3%), East Midlands (6.3%), Scotland (6.2%), South-west (4.9%), North-west (4.8%) and Wales (4.8%).
Despite the London price drop, the average house price in the capital - an eye-watering £472,000 - remains more than double the national average of £225,000.
Commenting on the latest UK property price stats, Thomas White of leading economists PwC said: "Regionally, the picture remains mixed, with London diverging from the rest of the country. Compared to this point last year, prices in London have decreased by 1%, the first time a year-on-year decline in average London prices has occurred since September 2009.
"We broadly expect current market conditions to continue, projecting UK wide house price inflation to be around 4% in 2018.”
Read These Next:
This Website Tells You Where You Can Afford To Buy A Home In Seconds
Here's What A £217k House Looks Like Around The UK
The Line Of Beauty: Affordable Art To Have In Your Home
Like what you see? How about some more R29 goodness, right here?
The Instagram Account Documenting The Glory Of '80s Interior Design
'Revenge Eviction': Nearly Half Of Tenants Who Complain Get Turfed Out