LONDON (Reuters) – London’s residential property market has continued to fall for a fourth consecutive year, driven by the price of a housing bond, data showed on Wednesday.
Data from the Office for National Statistics (ONS) showed that prices in the capital dropped 4.1 percent in April, after growing 4.2 percent in March.
The fall was sharper than the overall rate of decline across the country and also in the biggest fall since January, when it was at 2.9 percent.
The annual drop was more than double the annual rate in London, where the city’s population has been growing.
The rate of drop was 0.9 percentage points higher than the national average, the ONS said.
London’s property market is the most volatile in the country.
The ONS data showed that the average price of property in London fell 5.7 percent in the year to April, compared to a 2.5 percent decline for the rest of the country, with the biggest falls in the city of Birmingham (5.6 percent) and Manchester (5 percent).
The ONS has also recorded a record number of people living in housing benefit, which rose to a record £3.5 billion last month, according to figures.