London housing market starts its descent – official data shows

London house price growth starts to creep downwards, while the housing market recovery of the last year struggles to filter out to Wales and the north-east

The capital’s housing market started to cool in June after prices reached an affordability ceiling in the spring, according to new Government data.

London homeowners, who have become accustomed to rocketing property values over the last year, saw the annual rate of house price growth drop from a record high of 20.1pc in the year to May, to 19.3pc in the 12 months to June.

The average home in the capital cost £499,000 in June, up from £492,000 in the previous month.

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