The London house-price surge “softened” in March, when the annual pace of growth slowed for the seventh month in a row around the country, economists at Nationwide have reported.
The building society’s data found that the rate of rising property values fell to 5.1% this month, from 5.7% in February, leaving UK house prices about 2% above pre-crisis levels.
But separate research had brighter news for the capital’s suburban homeowners.
Hometrack found that strong demand in London’s outer boroughs has pushed up values.
That might have been concealed in Nationwide’s March statistics by the slower market in central London.
Hometrack found that in the heart of London “single-digit price falls are now being registered after very rapid price rises in the past five years.” Overall, though, the average London house price rose 12.9% in the 12 months to February.
The capital housing stock was boosted by 2.6% between 2011 and 2014 period — above the national average.
