London House Prices Post Biggest Drop Since 2009 in July

(Bloomberg) -- London house prices posted their biggest drop in almost a decade in July.

Home prices fell 0.7 percent from a year earlier, the biggest decline since September 2009, the Office for National Statistics said Wednesday. The average property in the capital cost 485,000 pounds ($640,000).

London House Prices Post Biggest Drop Since 2009 in July

Trends in the London property market tend to start in boroughs in the center and west of the city, before moving outwards, according to ONS analysis of the financial crisis and following period.

Nationally, growth moderated to 3.1 percent, the weakest pace since August 2013. The slowdown was driven by the south and east of England. The average British home now costs 231,000 pounds, with the strongest price gains seen in the northwest.

London House Prices Post Biggest Drop Since 2009 in July

The ONS house-price figures were named a national statistic on Tuesday, meaning they have the highest levels of trustworthiness, quality and value. Mortgage lenders and property websites also publish measures of U.K. house-price growth.

©2018 Bloomberg L.P.