London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the capital's most expensive areas seeing the biggest declines.
Average prices fell to £593,396 ($820,000) in January, an annual decline of 2.6 percent, according to a report published by Acadata on Monday. That's the most since August 2009.
The city will be the weakest performing market in the country over the next five years, said Lucian Cook, head of residential research at broker Savills Plc, as a decade of soaring prices means London's more exposed to political and economic uncertainty, the prospect of interest rate increases and mortgage loan limits.