London house prices drop by up to 15% in a year – cutting £100,000 off property prices in Wandsworth
The average homes in Wandsworth - which includes most of Clapham, Balham and Putney - is now worth £685,567 down from £805,460 a year ago
HOUSE prices in some of the wealthiest places in London have dropped by up to £100,000 in a year.
Homes in Wandsworth - which includes most of Clapham, Balham and Putney - have fallen by 15 per cent with the average house price now at £685,567 down from £805,460 a year ago.
Across the capital in general, house prices fell yet again, this time by £4,662 - or 0.8 per cent - bringing the average property price in London down to £593,396, according to the latest figures from .
That's the biggest decline the property website has recorded since August 2009.
Properties in Southwark have been slashed from £666,000 to £585,000 in 12 months, while prices in Islington in north London have dropped from £750,000 to £684,000.
The cheaper boroughs have fared better, according to the figures, where more than half have seen price rises over the year.
Property prices in Bexley have grown the most - by 4.5 per cent - to £363,082 but they're still the cheapest inside the city and outside Barking and Dagenham (£300,627).
But it looks like the richest boroughs stay rich, with prices in Kensington and Chelsea still up 4.6 per cent year on year with the average home now worth £2,162,671.
The number of homes actually being sold has dropped by five per cent over three months from November 2017 to January 2018.
But while London suffers, house prices in the north are on the rise with the average property cost in Blackburn having risen by 16.4 per cent since this time last year.
Rutland in Yorkshire and the Humber has seen house prices jump by 14.8 per cent in the last 12 months, from £305,491 to £350,610.
Monmouthshire in the south west has also seen a huge increase in the value of homes by 12.8 per cent, from £256,251 to £287,027.
Property expert Oliver Blake from Your Move said overall, it's "welcome news" for first time buyers as prices drop.
But he also said: "However, housing supply in the UK isn’t meeting demand and there is still a bottleneck of available properties.
"The industry needs to work together to provide a long-term solution to increase movement within the market.
"By building more homes and introducing more initiatives for each stage of the property life-cycle we should start to see more choice for first time buyers, second steppers and last-time buyers."
It's not just Your Move who reports the drops, with Halifax figures showing that in January the UK prices fell for a second month.
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First-time buyers desperate to get on the property ladder should head north to find the most affordable place to live.
That's the verdict from property website Zoopla, which has crunched the numbers to find out the cheapest places to buy in the UK.
Overall six of the top 10 affordable places to buy are in the north. Hull's the cheapest with an average property price of £104,376 and average deposit needed of just over £15,500.
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