House keys

After years of growth far outweighing the rest of the UK, house prices in London are no longer the fastest growing according to new figures from the Office for National Statistics (ONS).

Prices were up 12.6% in the capital in the year to June, but it was outpaced by the east of England, which saw prices jump over 14%.

However, there were significant falls for some London boroughs. Kensington and Chelsea witnessed a 6.2% drop in prices compared with June 2015 to £1.212 million. And Hammersmith & Fulham tumbled 3.2% to £746,570.

Newham in East London, however, saw prices shoot up by 21.4% to £355,950.

The figures come after the Royal Institute of Chartered Surveyors (Rics) reported that prices were starting to fall in London, East Anglia, the North of England and the West Midlands.

Overall, house prices were up 8.7% in June, an increase from 8.5% in May. It means the average house prices in the UK is now £213,927 based on official figures.

But there are signs that prices have fallen since the EU referendum. Halifax, the UK's largest mortgage lender, said it had seen prices drop by 1% between June and July.