London house prices have fallen for the first time in 8 years according to Nationwide.
The building society said that London was the weakest performing region in the UK for the first time since 2005 seeing a drop of 0.6% year on year in September.
We have seen prices fall in London before but up to now prices in the suburbs have kept prices rising across the capital as a whole.
This downturn is evidence that the London market is now struggling, analysts said that a combination of unsustainable growth in prices, higher stamp duty on second homes, which has affected the London market more than any other region and Brexit fears, were all weighing on prices in London.
With interest rates on the verge of increasing and house prices falling it is imperative you do comprehensive research before buying.
No-one wants to fallen in to the trap of owning a property that is in negative equity and have mortgage payments which are not sustainable in the long term.