The housing boom of 2017 has come to a halt in Merton.

Two years ago the average property price in town rose 9.8 per cent to £533,871, which was so good that it ranked first among all London boroughs for percentage increase.

But the latest figures released by the Land Registry revealed that the property rise has stopped, at least for now.

Based on the year on year figures, the average house price actually went down by £248, ranking Merton 17th of the 33 boroughs.

The average fall across London was 0.4 per cent last year, according to analysis by Gatehouse Bank, with 15 London authorities seeing prices rise in 2018, while 18 saw them fall

Charles Haresnape, CEO of Gatehouse Bank, said: “The London market faced a challenging time in 2018, with prices in the capital beginning to fall on an annual basis part way through the year.

“Property prices in London recovered well after the global financial crisis in 2007-2008, with prices on average 58.7 per cent above their pre-crisis peak in the capital, whereas some areas of the UK have never made it back.”