Aneisha Beveridge, head of research at Hamptons and Connells Group, said: “For yet another year, London and much of the South have underperformed when it comes to house price growth – a trend that’s been in play since around 2016. Higher stamp duty, interest rates and taxes have hit the capital and surrounding prime markets hardest, while more affordable regions have had greater room for growth. Northern areas, which recovered more slowly following the 2008 financial crisis, are now catching up after the surge in London between 2010 and 2015.
“The reality is that this prolonged period of weak performance means some homes in London – particularly in Prime Central London – are now worth less than what their owners originally paid. In many ways, tax and policy changes have done some of the levelling up, shifting momentum away from the South and towards more affordable parts of the country.”
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