London house prices drop for first time since 2009

The Nationwide House Price Indices data released today showed the house prices in London declined in the third quarter for the first time since 20098.

Average house prices fell 0.63% year-on-year to GBP 471,761 in the three months to September. House prices in the UK as a whole rose 2.25%.

Robert Gardner, Nationwide chief economist, said, "London has seen a particularly marked slowdown".