House Prices Begin To Fall After Two Years

For the first time in almost two years, house prices have fallen in London.

A combination of over-inflated prices, slow wage growth and worry about rises in interest rates is believed to have put the brakes on the housing market recovery across the majority of the country.

September usually marks a seasonal rise in activity, but the time it took to sell a home remained static from August.

Richard Donnell, director of research at Hometrack, said: "There is a distinct chill in the air this month; after a strong run over the last 18 months, the momentum of house price rises has started to turn with growth now at a standstill for the first time since January 2013."

The current fall, especially in London, will help overcome fears that prices in the capital would continue to rise uncontrollably - making the goal of homeownership is possible again.

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