London house prices fall, with rest of UK ‘doomed to follow’ as inflation cools

It marks a sharp fall from the recent peak in annual inflation of 14% in July last year.

It is the first time prices in the capital have fallen since before the pandemic, in November 2019, the ONS said. “House prices in the capital have fallen in the year to June – for the first time since the market was effectively closed at the start of the pandemic. She added: “A typical two-buyer household looking to purchase an average home still will see around 28% of their real income go towards mortgage repayments – much higher than the 20% in the 2010s.

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