House prices in England and Wales have fallen for the fifth month in a row, according to new data.
Figures by Your Move showed an average fall of 0.2 percent over the month of July to £302,251. House prices are still 1.6 percent than the same period last year.
Despite the average fall, cities including Leicester recorded fast growth. Regions including the West Midlands recorded growth whilst the South East and East of England grew at a slower rate of 0.5 percent.
The City of London saw the biggest drop and was down 19.4 percent. Hammersmith and Fulham, and Southwark, were both down 11.7 per cent.
The prices in Kensington and Chelsea were down 1.9 percent on an annual basis to £1,765,033 and remain London’s most expensive boroughs. The cheapest borough is Barking and Dagenham, where the average price of a property is 308,547.
The average price of a property in the capital is currently £625,529.
While the Bank of England raised interest rates in August, it is not yet known how it will affect the housing market.
When announcing the rise of the UK interest rate, the bank’s governor Mark Carney said: “Rates can be expected to rise gradually. Policy needs to walk, not run, to stand still.”
“There are a variety of scenarios that can happen with Brexit … but in many of those scenarios interest rates should be at least at these levels and so this decision is consistent with that.”
“In those scenarios where the interest rate should be lower, well then the MPC which meets eight times a year would, I’m confident, take the right decision to adjust interest rates at that time,” he added.