House prices slump after Budget chaos

FELIX ARMSTRONG

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LONDON house prices have fallen by more than 2% year on year, as Budget chaos took its toll on a volatile housing market.

The average house price in London for October was £547,000, down 2.4% from the previous year, according to the Office for National Statistics (ONS).

Property experts said this reveals the vulnerability of the capital's housing market, following months of uncertainty in the lead up to the Budget.

Amy Reynolds, sales head at Richmond agency Antony Roberts, said: "In London, where affordability and sentiment are highly rate-sensitive, even small shifts in expectations can have an outsized impact on activity."