BBC South East have just shown another video clip, which clearly shows the plane dipping. It certainly looks like he'd have carried out the loop successfully if it hadn't be for this last minute dip. Another photo shows a vapour coming from the right engine, like a fuel leak.
It's just the last few seconds where he levels out but then the plane continues going downwards (defying it's aerodynamics) that makes me think it has stalled. Of course he may have lost air speed because of mechanical failure which would help create stall conditions.