House prices in London and the South East have continued to slump, despite hitting a record high across the UK as a whole, data published by Rightmove has revealed.
Asking prices in London had declined by 0.2% in May compared to the same month last year, while asking prices across the rest of the South East were down 0.1% on the same measure.
However, nationally, house prices were 0.8% higher, with both Wales and the midlands seeing an increase of over 4%. The average price for a property coming to the market rose to an all-time high of £308,075.
Furthermore, the number of sales completed by estate agents across the UK fell by 5.4% in 2018, compared to May 2017.
Rightmove director Miles Shipside said: “ The last time the south east recorded an annual price fall was in 2011, indicating that the softening in the London market is now spreading to its commuter belt, while there are signs that inner London may be closer to a price recovery.”
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