Mubasher: House prices in London extended their drop for the 16th consecutive month, a longer run than even during the financial crisis a decade ago.
The price of a house in in the megacity was 2.7% in the year ended June, a joint statement by the Office for National Statistics (ONS) and the Land Registry showed on Wednesday. This reflected an average London home value of GBP 466,824 ($563,358) during the month.
Overall, UK house price inflation came in at 0.9% last June on an annualised basis, unchanged from the prior month, with the biggest price gains seen in Wales at 4.4%.
The average cost of a home in the UK came in at GBP 230,292 last June, GBP 2,100 higher than the price a year ago.
The UK property market has drawn support from the avoidance of the UK crashing out of European Union (EU) without a transition deal last March, postponing the departure to 31 October.
However, with risks of no-deal Brexit on the rise, “uncertainty will weigh down on the economy over the next few months at least and hamper the housing market,” the EY Item Club chief economic adviser Howard Archer said.