Many close to the UK housing market are estimating London will not return to its prominence as the fastest growing area of the country until at least 2021. Illustration to this point is now being made due to the latest data which has surfaced in regard to the lack of growth of property prices. For the first time since the peak of the financial crisis, London house price growth fell. Some market specialists feel housing could be in for tough times until the UK leaves the EU in the year 2019.

Amid uncertainty and fears of the unknown, London property price growth is in decline and could continue down this path for the next couple years. Those in the midst of selling property or buying have locked down their decision and chosen to wait for calmer waters. This is releasing pressure on the growth of house prices and causing them to become a bit soft.

Housing data indicates the capital city is more resilient to property fluctuations than most areas of the country. In the past this has led to quicker bounce-back when issues impact housing prices like new taxes or changes in interest rates.

London house prices have been in overdrive for years and now they have come to a stalling point. This has actually benefitted those seeking housing in the capital, especially some first time buyers looking for a home with little to offer for a down payment.

KPMG chief economist Yael Selfin commented on the latest data regarding London, saying: "With so much going on in the UK at the moment, some fear that the housing market will be the first to snap if the mood changes around the Brexit process or when interest rates start to rise.”

Selfin added: “Our analysis however shows that with the exception of a few areas in the south such as London, house prices are not particularly high compared to long-term regional valuations. Our projections see a more orderly transition over the next five years, with house price growth moderating further next year before gradually picking up momentum again from 2019."