London house prices stall for first time in eight years
New figures from Halifax reveal that house prices in London have grown by less than 1 per cent over the past year
HOUSE PRICES in Greater London have experienced the lowest growth in the UK over the past year, according to Halifax.
New figures from the bank reveal that Greater London house prices grew by less than 1 per cent from 2017 to 2018, to £5,131 per square metre.
In comparison, house prices in East Anglia saw the largest increase, rising by 7 per cent with an increase of £152 per square meter, taking prices to £2,256 per square meter.
This is the first time in eight years that house prices in the Greater London region have stalled, said Halifax.
But despite stalling prices, house prices in the Greater London region are on average £2,788 per square meter more in comparison to the rest of the UK.
Russell Galley, managing director of Halifax said it was "no surprise" that house prices in London are substantially more expensive.
"Should recent trends persist, prices in the capital will continue to tread water while the rest of the country slowly plays catch up," he said.
"While cheaper locations, such as Scotland and Wales, have started to increase more rapidly over the last 12 months, the prices per square metre in Scotland and Wales mean home buyers can get a lot of house for their money in these regions compared to Southern England."
Earlier this year, Robert Gardner, Nationwide's chief economist, predicted a more "subdued" growth in house prices.
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