British house prices slid again in March as the property market continues to cool, with London recording its weakest performance since 2009.
Average house prices in the UK decreased by 0.2% month on month, while in London they fell 0.7% annually, the capital’s lowest growth since September 2009, official figures show.
The statistics body said in a blog: “Halfway through that year, the UK voted to leave the European Union – this may have deterred foreign buyers, not only from the EU but also further afield.
“For Europeans, there has simply been a fall in demand as net migration from these countries has fallen.”
Figures also show that across the UK, the average house price was £224,000, marking a 4.2% increase on a year earlier.
The annual growth rate slowed from a 4.4% rise in February.
In England, house prices increased by 4% over the year to March, reaching £241,000 on average.
Jonathan Hopper, managing director of Garrington Property Finders, said: “London is paying a painfully high price for its stellar run of price rises, and a correction is now under way in several parts of the capital.
“While London contains a tapestry of micromarkets – variously going up, down and sideways – the headline figure is a wake-up call for both sellers and buyers.”
Wales saw house prices increase by 3.5% over the previous 12 months to reach £153,000.
In Scotland, the average price increased by 6.7% over the year to stand at £146,000.
The average price in Northern Ireland was £130,000, an increase of 4.2% over the year.
