House prices in London tumbled in March, with the annualised rate of inflation dropping to minus 0.7%, the steepest fall since 2009, according to official Land Registry figures for March.
House prices across the UK fell by 0.2% in March, with prices dropping across much of the south of England.
Property experts in London said buyers are “sensing blood in the water”, with sellers forced to cut prices steeply to ensure a sale.
Jonathan Hopper of Garrington Property Finders said: “London is paying a painfully high price for its stellar run of price rises and a correction is now under way in several parts of the capital.
“Sellers are being forced to trim their expectations and astute buyers are increasingly sensing blood in the water.”
via The Guardian