London house prices fall 3.7% as buyers pull back across the capital
The average London home cost £545,000 in May, with the Office for National Statistics, the government's data agency, reporting a 3.7% annual fall. Westminster recorded a 22.8% drop, while Kensington and Chelsea fell 10.7%, as higher stamp duty and bigger mortgages weighed on buyers. Zoopla, the property website, said buyer enquiries are down a fifth from last year and expects activity to improve after Andy Burnham's first Budget.
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