Newly released data shows that average house prices across Bromley Borough fell over the past year.
Economic difficulties and elevated prices for first time buyers are hampering the market – and drops seem to be increasing.
These figures are from LSL which is one of the most comprehensive sources of data as they cover every transaction including new-builds.
Other sources of info such as Halifax or Nationwide are more limited.
Probably the only source more reliable is the Land Registry itself. They record every transaction (but not deposits on new builds) and so takes longer to publish.
Today they have published figures for June (a bit behind LSL) and they show a 1.3% annual fall, which suggest falls are increasing and particularly among new builds.
The recent interest rate rise and other economic factors are likely to mean a rough few months for the housing market.