LONDON, Sept. 19 (Xinhua) -- Latest figures revealed Wednesday that London house prices are falling at their fastest rate for nine years as an official report blamed Brexit for stagnation in the British capital's property market.
The average value of a home in London stood at 484,926 pounds (637,666 U.S. dollars) in July, down 0.74 percent on a year previously, according to data from the British Office for National Statistics (ONS).
This sliced off around 2,500 pounds (3,286 U.S. dollars) per home, according to the report.
House prices have not dropped more rapidly since September 2009 when they fell 3.25 percent while the market reeled from the impact of the financial crisis.
A separate one-off ONS analysis of the London property market concluded that its slowdown over the past two years may have been because the capital was "particularly affected by a fall in net EU (European Union) migration and wider uncertainty following the Brexit referendum result."
It also pointed to higher rates of stamp duty on more expensive homes hitting London harder than other British areas.
The fall came as it was revealed that the rate of inflation jumped to 2.7 percent in August, meaning shop prices again outstripped rises in wages. Economists in part blamed a slump in the value of the pound during the summer.
