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HOME TRUTH - City house prices fell a fifth in a year 2008.
There was a surprise rise in UK house prices last month, according to figures released today by Nationwide.
The building society said that property prices increased by 0.9 per cent compared with the previous month -the first monthly rise since October 2007.
But the figures show that property prices in London have fallen by almosta fifth since this time last year, and have dropped in value by more than 5 per cent since January.
The average price for a home in London is £242,678, Nationwide said, while the average house price across the UK is £150,946.
Fionnuala Earley, chief economist at Nationwide, said: "The Bank of England has taken strong measures to ease the tensions in economic and financial markets but it will take time for these to work through into the London housing market. It is too soon to say that this will be the beginning of sustained house price rises."
The worst-affected borough in London over the past year was Newham, where prices crashed 28 per cent. Hackney and Islington were the only boroughs where the drop in property values from March 2008 was in single digits - both down 4 per cent.
London housing market on steady rise. There was a surprise rise in UK house prices last month.