Property values in London fell by 1.15% in October 2016, according to the Land Registry’s house price index.

The research showed the average price in the capital was £474,475 when compared with September 2016’s figure of £480,014.

But this also showed an annual rise of 7.7% when compared with October 2015.

Across the UK, prices rose by 0.1% since September, an annual increase of 6.9%, which takes the average property value to £216,674.

The monthly trend reverses when looking at England alone, with prices down on September by 0.1%, but up 7.4% over the year.

Emoov founder and CEO Russell Quirk said the figures showed London had taken a “back seat” towards the end of the year.

“The industry will really start to stutter to a halt now as Christmas fast approaches,” he said, “and so any panic over falling house prices should really be taken with a pinch of salt.

“Not only will buyer demand drop right off as thoughts turn to the stress of the festive season, but many sellers will also freeze the marketing of their property, ready to hit the ground running again in January.

“Although there is a great marketing push behind the Boxing Day bounce and the number of people that log on after the Queen’s speech to surf the property portals, this has little benefit to actual sellers, as those full of Christmas merriment are unlikely to be serious in their search.

“So it really is worthwhile to enjoy your time with friends and family and prepare for the onslaught of buyer interest that will come with the New Year.”

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