House price growth in East Anglia has overtaken London, according to the LSL Property Services house price index.
Yearly price rises in London have fallen sharply while the South East and East Anglia have edged ahead with the strongest year-on-year increase in property values at 7.1 per cent and 6.9 per cent respectively.
Growth in London has fallen from 9 per cent in February to just 6.8 per cent in March.
Richard Sexton, director of e.surv chartered surveyors, said: “This is the first time for nearly four and a half years that London has not been leading the pack in terms of regional house price growth, as higher stamp duty rates take some of the shine off high-end properties in prime central areas.
“In the City of Westminster, where the average property is now worth £1,382,965, prices dropped 5.2 per cent during the month of March, as pre-election speculation of a mansion tax put a dampener on enthusiasm for the most exclusive London homes.”
