London Home Values Drop Nearly £10,000 in a Year, ONS Says

House prices in London started 2026 with the steepest drop in nearly two years, official data showed, casting doubt on an expected recovery in the property market.

Average London home values fell to £554,000 ($743,000) in January — about £9,500 lower than a year earlier, the Office for National Statistics said Wednesday. The 1.7% year-on-year decline was the sharpest since February 2024.