house prices

London house prices fell 1.2 per cent month-on-month in November, according to the latest official figures from the Office for National Statistics (ONS).

Overall, annual house price growth in the UK hit 2.8 per cent for the month, with London and the South-East dragging down figures.

The statistics revealed that the lowest growth was indeed in the capital, with prices falling by 0.7% over the year to November 2018, remaining unchanged from the month before.

Meanwhile, the average UK house price came in at £231,000 in November 2018, proving £7,000 more the same month in 2017.

However, on a non-seasonally adjusted basis, average house prices in the UK dipped by 0.1% between October and November 2018.

Many London based property agents have been feeling the impact of a subdued market in the capital, with buyers deterred amid ongoing economic uncertainty.

Back in July, Foxtons (LON:FOXT) reported a loss for the half-year as a result of the lessening demand in London.

Moreover, Foxtons also announced the closure of six London branches back in November, amid a “challenging market”.

Similarly, Kevin Roberts, director of the Legal & General Mortgage Club, commented on the latest house price figures: “The ongoing political uncertainty is clearly causing some buyers and sellers to take a wait-and-see approach when it comes to the property market.”