The data shows prices in the capital falling from £249,211 in May to £248,642. The slight drop in May contrasts to the more dramatic price correction that has already occurred this year, with house prices falling almost 14% in the last six months.
Russell Jervis, managing director of haart, commented: “The Spicerhaart London index, which uses real-time information, is a true reflection of what is happening in the market at the moment. Our data shows that price corrections have already happened and the market is now starting to stabilise, as it is underpinned by some strong fundamentals, such as the rental market and the increase in interest from first time buyers.”
While house prices have been falling, the rental market is strong, seeing a 2% increase in rents between May and June.
