London house prices down on the year for first time since 2009

Government figures confirm the general view that London property prices are suffering a localised decline with a -1% figure for February-to-February, compared to a 7.3% gain for the West Midlands. You’d have to go back to September 2009 to find a worse performance in London. No other region showed an annual decline. Across the UK, the index is up 4.4% on the year (down a little from 4.7% in January). More here.