London was one of the few regions of the UK to see an annual drop in house prices this month, with property in the capital down 0.2 per cent compared to last year. This made it, alongside Northern Ireland, one of the few regions to see a drop, according to new research from Zoopla.
Interestingly, Zoopla’s data also found that the increase in mortgage rates is starting to have a knock-on effect on asking prices. More than four in 10 vendors (42 per cent) are now accepting offers five per cent or more below their asking price and 15 per cent are agreeing to a discount of at least 10 per cent. The average price reduction is 3.8 per cent.
