London Property Values Dip While UK Market Sees 3% Growth in Average Prices

Londons property values have fallen 0.3%, contrasting with a 3% rise in the average house prices across the United Kingdom, indicating a regional divergence in the housing market.

• According to the Office for National Statistics, average UK house prices increased by 3% year-on-year, reaching £273,000 in August 2023.
• In contrast, London experienced a decline in property values, with the average house price decreasing by 0.3%, making it the only region in England to face a downturn.
• Regional price growth varied, with average house prices rising to £296,000 in England, £211,000 in Wales, and £194,000 in Scotland during the same period.