Experts predict that house prices will keep on falling until at least 2024.
The average London house price is down £1,612 month-on-month in October. This bucked the national trend across the UK where house prices jumped by around £3,000 month-on-month in October – marking the first monthly increase since March. An average home in the capital cost £524,057 in October and £525,678 in September.
Compared to this time last year, London house prices have dropped by 4.6 per cent.
The typical UK home was valued at £281,974 in October, up by about £3,000 on the previous month.
In September, the average UK house price was £278,985.
Overall the housing market remains subdued, as homeowners are unwilling to sell in the current market unless they have to.