House prices in London have grown at their slowest rate for five years, according to the latest figures from the Land Registry.
In the year to February 2017, the average cost of a home in the capital rose just 3.7 % to £474,704.
This marks a considerable change from last year, where double-digit growth was the norm for much of the city.
— HM Land Registry (@LandRegGov) April 11, 2017
The borough of Tower Hamlets recorded the greatest slowdown, with prices dropping 2.9 % in a year.
Over the same time period, Brent and Islington registered a decline of 2.3 % and 1.9 % in house prices respectively.
It would seem obvious to look in the direction of Article 50 in playing the blame game.
Yet the Land Registry data suggests that the sharp increase of stamp duty is more likely the cause.
— Bloomberg VisualData (@BBGVisualData) March 28, 2017
In addition, Russell Quirk, founder and chief executive of online agents eMoov.co.uk, says that London prices are more likely re-aligning themselves with the rest of the country.
This follows an abnormal level of inflation over the last year.