The London property market is at its slowest in eight years with a third of owners selling their homes for less than their original asking prices, experts warned today.

According to property market data service Hometrack, the London growth rate was 1.9 per cent year on year. In stark contrast, it was at 18 per cent in 2014 when “the market was at its hottest”. This follows research earlier this month which showed that more than a third of London property listings had slashed their prices.

Richard Donnell, research and insight director of Hometrack, said: “House prices in London have gone up almost 90 per cent since 2009. The housing market in London has now slowed. It is now at its lowest growth rate year on year since 2011 and is 1.9 per cent.”

Slow market: London house price growth has slowed

He said this was because of a “lack of affordability” across the capital. “The market will slow now for a while until prices meet with affordability,” he said. “More and more people cannot afford to participate in the London market. London lacks value for money at the moment.