London house prices fell by £11,000 on average in January

Source: Metro — 

London house prices fell by an average of £11,000 in the first month of 2023, according to new data. 

The average value of homes fell by roughly £11,073 from £541,472 to £530,396 in January compared to the month before.

According to new data from Halifax, properties across the capital were losing an average of £350 off their price tag a day.

Kim Kinnaird, director, Halifax Mortgages, said that the trend of higher borrowing costs hitting demand is expected to continue in 2023, adding: ‘We expected that the squeeze on household incomes from the rising cost of living and higher interest rates would lead to a slower housing market, particularly compared to the rapid growth of recent years.

‘As we move through 2023, that trend is likely to continue as higher borrowing costs lead to reduced demand.