Property prices fall by 6% as downturn hits home
Properties are also selling for 5 per cent less than their home valuation price, according to the ESPC. The average price of homes sold in the capital in the past three months was £206,161, compared with £219,501 in the same period last year.
One of the biggest falls was in the average price of a three-bedroom semi in the suburbs, which was down 8.6 per cent.
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Hide AdBut there was a slight rise in the number of homes selling for more than the home report valuation, estate agents said.
A separate report by the Royal Institution of Chartered Surveyors also found an increase in interest from buyers looking for a new home last month.