London property prices falling fastest

London property prices falling fastest

If you thought you never stood a chance of moving up in the London property market, now could be your chance. According to the latest data from the Land Registry, some homes in London are falling faster than anywhere else in the UK – although still remain higher than the national average.

The Land Registry data reveals that detached properties in the capital fell in value by more than £50,000 in one year and is driving the rest of the market to slow down. In May 2018, you could purchase a detached home for an average of £900,000, but this fell by 6.1% to less than £850,000 by May 2019. Annual property prices rose overall by 1.2% in the UK, which slowed from 1.5% in April 2019.

There are currently a range of factors affecting the London property market specifically. The obvious impact could be Brexit and the surrounding uncertainty which may be deterring any foreign investment at the moment. However, there have also been a number of measures introduced in recent years aimed at Buy to Let investors, such as mortgage rate relief and increased stamp duty on second homes, which could bring less buyers to the market.

The 6.1% fall in detached homes adds to further 5% drops in values among flats and maisonettes. Prices overall fell 4.4% in the year to May 2019 – the biggest drop since the 7% decrease was recorded during the financial crisis in 2009. However, the average London home is still priced higher than the national average of £229,000, with a home in the capital costing £457,471.

As housing shortages and affordability talks continue in the property market, it remains to be seen whether the property market in London can recover – even after Brexit is done and dusted.

If you would like some advice about your own property investment portfolio, or you’re thinking of starting out as a landlord, contact the Property team at Downs Solicitors to see how we can help.

Our Team

More Knowledge
Are you locked out of your Child Trust Fund?

If you set up a trust fund for a child who has learning disabilities, you might want to consider how to access those funds when the child reaches 18.

The digital assets that are worth a will

Last year, we wrote a blog about how digital assets are commonly overlooked when writing a will. But, thanks to a recent survey by the Law Society, now might be the best time to give it some thought.


Are you a “Silver Splitter”?

Last Monday was National Divorce Day - so called because it is the first Monday “back to normal” after Christmas, the bills start landing on the doormat and frayed couples have spent too long in close proximity. However, as the numbers of separations are largely on the decline, it seems there is a rise in the “silver splitter” - and if you’re one of them, you might find you’re in for a financial windfall.

The Bank of Mum and Dad

It's a good time to sell. Demand for properties amongst buyers is currently exceeding supply meaning properties in the South East are selling quickly and often at, or even above, asking price. The availability of lending to First Time Buyers (FTBs) continues to improve and with lenders offering FTBs incentives such as paying their Stamp Duty Land Tax bill, more young people will be enticed to take their first step onto the property ladder.

Commercial Leases and Break Clauses

In 2014, we reported on the Court of Appeal’s decision in the case of Marks & Spencer PLC v BNP Paribas Securities Trust Company (Jersey) Ltd (BNP Paribas). Following this, Marks & Spencer PLC were allowed by the Supreme Court to appeal the decision of the Court of Appeal to not grant them a refund of the rent they had paid past the break date of the lease.

Minimum Energy Efficiency Standards for Private Rented Property

If you are a Landlord of domestic and/or non-domestic private rented property and the Energy Efficiency Rating of that property (shown on the Energy Performance Certificate (EPC)) is F or G, then this article is relevant to you.


15A High Street
KT11 3DH

T: 01932 589599
F: 01932 505087

DX: 46102 COBHAM


156 High Street

T: 01306 880110
F: 01306 471230



The Tanners
75 Meadrow

T: 01483 861848
F: 01483 431965