Signs that the city’s property market is cooling off

Official figures suggest that London’s property market is cooling off after many years of growth.

The average price of a home in the capital fell to £471,742 last month, a drop of 1.5 per cent.

It is worth remembering that at the turn of the Millennium, annual increases in asking prices had peaked at 28.3 per cent. And until relatively recently house prices were still climbing by 15 per cent each year.

The trend in London is reflected across the wider country, with stagnant wage growth, uncertainty arising from Brexit and currency fluctuations having played their part in the slowdown.

Samuel Tombs, chief economist at Pantheon Macroeconomics, said: “It’s now abundantly clear that the [UK] housing market is in its softest patch for several years.”

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