London property slump puts brake on UK house price growth

However, the slowdown is hitting London hardest. House prices in the capital fell at the fastest annual rate since the depths of the financial crisis, while rents dropped at the fastest rate in eight years, said the ONS.

The ONS said the UK-wide dip in growth was driven mainly by a slowdown in the south and east of England. London recorded the weakest reading across the country, with prices dropping 0.7% over the year to June, the lowest rate since September 2009, and down 0.2% in May. It is the fifth month London house prices have fallen this year. More