London house prices fall by 0.7 percent

LONDON

House prices in the U.K. rose by 4.2 percent during the year, making the average property in the country valued at £224,144, Office of National Statistics announced Wednesday.

The U.K. house prices in March remained unchanged when compared with February 2018, according to the data released.

However, the annual house price in London fell by 0.7 percent, taking the average property value to £471,944.

“Halfway through that year (2016) the U.K. voted to leave the European Union – this may have deterred foreign buyers, not only from the EU but also further afield,” Kishan Rana, an analyst posted on her blog.

“For Europeans, there has simply been a fall in demand as net migration from these countries has fallen. For many overseas buyers (and indeed some domestic buyers), a house in London isn’t just a home,” Rana added.