London house prices are shrinking at a rate not seen since the aftermath of the global financial crisis.
Flash data revealed Monday by Acadata as well as LSL Property Services showed which, on average, home prices in Greater London fell 2.7 percent in September when compared to the same month a year earlier — the biggest fall recorded since 2009.
Acadata as well as LSL said the idea is actually only the third occasion inside last ten years which the annual percentage change in Greater London house prices has sat in negative territory.
A more detailed picture of the August data set was also published.
A 0.7 percent overall fall in August marked the first negative reading since 2011 as sellers in some of the London’s more expensive boroughs, such as Westminster, Hammersmith, as well as Wandsworth, were forced to cut prices.
Nine Elms, a huge brand-new development area which will be home to Apple’s brand-new London campus, falls within the Wandsworth borough.