A 5.5 per cent drop in property prices saw London’s housing market rank 95th out of 107 major cities around the world. London was one of only 18 urban centres registering declining annual house prices at the end of last year.

Other cities notorious for the high cost of housing saw an uptick in property prices. New York, which ranked 17th, saw house prices rise 7.8 per cent year-on-year, while Vancouver (30th) registered a rise of 4.8 per cent. Hong Kong, however, saw a 7.2 per cent drop that put it in 103rd place.

Munich came in at 96th with a 6.6 per cent drop in house prices, Paris ranked at 99th (6.9 per cent), while Luxembourg City came dead last with a 13.6 per cent drop.