House prices fall faster in London as property market stays ‘subdued’

House prices in London fell at a faster rate last month, as homeowners in the capital continue to bear the brunt of the property market slowdown caused by the Iran war. The average house price in London fell by 2.2 per cent to £531,548 in the year to September, according to the Lloyds house price index, marking a worse drop than August’s 1.5 per cent. Across the UK, house prices were unchanged in the month to September as well as year on year, marking an improvement from last month’s 0.3 per cent drop in values. London’s house price slump was closely followed by the South East, where prices fell by 2.1 per cent year on year to £380,829. In eastern England, the average house value fell by 1.6 per cent to £330,151. House prices in London and southern England have been falling this year, as property experts warn that the regions property markets are being worst hit by rising mortgage rates and stamp duty.  Andrew Asaam, mortgages director at Lloyds, said the UK’s property