House prices in London fall for first time in a year

House Prices have fallen by 0.1pc in August according to Rightmove property website, which shows further cooling for the housing market. Average house prices in London are now £394,268

London has always been seen as an early warning signal of what’s happening in the housing market with the rest of the country following behind. It also shows that even London’s strong economy is not resistant to market forces

Miles Shipside, commercial director of Rightmove, said: “The latest evidence seems to indicate that we have now genuinely reached the limit of buyers’ ability to afford higher prices in current market conditions.”