House prices in London have fallen by 3.8% compared to the same period last year, according to the latest data from Nationwide.
Prices in the capital have fallen in the last seven consecutive quarters, with the latest figures being the fastest rate of decline since 2009.
Overall, annual house price growth remained subdued at just 0.7% (£1,477) higher than the same time last year, taking the average UK house price to £213,102.
Surveyors have also reported that new buyer enquiries continue to decline, falling to their lowest level since 2008 in February.
Northern Ireland was the strongest performer in the first quarter of the year, with annual price growth of 3.3%, a fall from 5.8% in the last quarter. Scotland saw annual house prices grow by 2.4%, whilst Wales saw a marked slowing in growth to 0.9%.
Nationwide’s Chief Economist, said: “London was the weakest performing region in Q1, with prices 3.8% lower than the same period of 2018 – the fastest pace of decline since 2009 and the seventh consecutive quarter in which prices have declined in the capital.”
“More widely, prices across the South of England (and to a lesser extent in the Midlands) are also well above prefinancial crisis peaks, while those in Northern England, Wales and Scotland are still close to 2007 levels.”