The average price of a home sold in Greenwich borough fell by five per cent on the same month a year ago according to new figures.
The fall was higher than the average London reduction which stood at 1.7 per cent – which was the biggest fall of any UK region.
Monthly falls in Greenwich were 3.8 per cent. Over the last year the average price fell around £26,000 from £508,126 to £482.566.
These figures include many homes sold some months ago and only recently placed on the Land Registry database, so the current impact of further increased interest rates and sharp increases in UK gilts this week are yet to feed through. They’re now above levels seen when Truss and Kwarteng were in power.
In the past week many mortgage lenders have pulled products at short notice with interest rate rises expected to increase as inflation in the UK remains high.
That’s all likely to place further downward pressure on house prices in months to come.