London sees property values fall by up to £304,000 in one year

Property prices in central London are falling dramatically, according to the latest figures from the Office for National Statistics.

Some central boroughs have witnessed up to a 28 per cent collapse in values in the year to the end of May.

It is in contrast to the rest of Britain, where average property values climbed 2.7 per cent year-on-year to £271,000.

In London, the typical home has fallen in value by £20,693 or 3.7 per cent to £544,814.

But in central boroughs where the most expensive homes are located, prices are falling much further.