London house prices fall for first time in eight years

London house prices fall for first time in eight years”

United Kingdom house prices rose slightly in September, following a modest monthly fall in August, although London house prices saw their first decline in eight years.

Nationwide's chief economist, Robert Gardner, said: "Housing market activity, as measured by the number of housing transactions and mortgage approvals, has strengthened a little in recent months, though remains relatively subdued by historic standards".

This is the first decline since the third quarter of 2009, and makes London the worst-performing region of the United Kingdom (although also still the most expensive).

On a national level, Nationwide said house prices rose 2.0 per cent year-on-year in September, slowing slightly from a rise of 2.1 per cent in August.

On the month, United Kingdom house prices grew 0.2% compared with a 0.1% decline in August, beating expectations for a 0.1% gain.

Robert Gardner, Nationwide's chief economist, said activity across the United Kingdom market as a whole was "subdued by historic standards".

Annual growth rates in the south of England have moderated towards those prevailing in the rest of the country.

Consequently, London was the weakest performing region for the first time since 2005.

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