Housing prices in the capital of the United Kingdom have been falling at the fastest pace since 2009, with the most expensive areas of London seeing the greatest decrease, Bloomberg reports.
In January, average prices fell to 593,396 pounds sterling ($820,000). The decrease of 2.6% in annual terms has turned out to be the maximum one since August 2006.
The greatest decline in housing prices was recorded in the most expensive areas of the city. Thus, in Wandsworth, prices fell by 14.9% while in Southwark — by 12.2%.
Prices in London fell by 0.8% which is equivalent to almost 5,000 pounds. The data shows that the current situation will remain in 2018. The problem is in the market which has suffered from a slowdown in growth and accelerated inflation after the vote for the UK's exit from the European Union.