London house prices fall at fastest rate in 10 years

It is the biggest plunge since the 7.0% annual drop recorded in August 2009, says ONS

House prices in London have fallen at their fastest pace since the financial crash a decade ago as the capital bears the brunt of the nationwide torpor in the property market.

Amid a dearth of potential buyers, the cost of a home in London was 4.4% lower in May than a year earlier, according to the latest official snapshot of the market from the Office for National Statistics.