Property price gains across the wider U.K. have been slowing since 2016, according to the U.K.'s Office for National Statistics.
House prices in London contracted at the fastest annual rate during May, since August 2009.Oli Scarff | Getty Images
Statistics released Wednesday by the U.K.'s Office for National Statistics reveal that May's was the lowest annual rate in London since August 2009, when prices contracted 7.0% from August 2008. The ONS noted on Wednesday "a general slowdown in UK house price growth" since 2016, driven mainly by a sluggish market in the south and east of England.
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