London house prices drop at the fastest pace since 2009

LONDON: 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 in January, an annual decline of 2.6%, the most since August 2009, according to a report published by Acadata. London’s highest-priced boroughs were the biggest losers, while the largest single drop was recorded in Wandsworth, down almost 15%.