Britain’s housing market has lost more than £1bn in value in just 12 months.
Data from the Office of National Statistics showed a slowdown in London’s housing market weighed on the value of the UK’s property sector – falling to £259bn in the year to December 2017.
The drop marks the first time the market’s value has fallen since 2011.
The number of transactions was also lower in 2017 – down 3.8% to 884,329.
According to Rightmove, the current average UK house price rose to a record high of £305,732 this month, but London property values continued to fall. The average asking price was up 0.4 per cent between March and April for the UK overall, which was a 1.6 per cent increase compared to this time last year.
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