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London house prices: average asking prices in the capital fall at biggest rate in eight years in shi

London house prices have experienced their biggest annual drop in nearly eight years, as sellers of more expensive homes in desirable inner London areas adjust their expectations following years of spiralling price rises.

While house prices in the rest of the country hit a new record high, Greater London saw asking prices fall by 1.5 per cent.

The drop – which equates to an average of £9,400 – was mainly due to continuing dips across prime central London, but there are signs that the price pressure for first-time buyers may also be easing, according to the report released by Rightmove today.

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