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Asking prices for London homes record biggest falls this decade

Monday, Sep 18 2017
Asking prices for London homes record biggest falls this decade

Asking prices for homes in London have recorded their biggest annual fall so far this decade and have dropped on average by £18,000 in the space of just a month, the property site Rightmove said on Monday. But this headline finding masks much larger falls in some of the capital’s most expensive boroughs. The average asking price of a home in Kensington and Chelsea plummeted by more than £300,000 between August and September, and Camden was also hit hard.

That suggests that a slump in the high-end central London market, described by Rightmove as a readjustment, may be gathering pace as Brexit uncertainty continues and tax changes prompt many wealthy investors to sit on their hands. Rightmove said it measured more than 98,000 asking prices, which represented around 90% of the UK market. The properties were put on sale between 13 August and 9 September. A spokesman said its updated methodology went back to 2010, and the annual fall of 3.2% for London was the largest drop so far this decade. The monthly fall in the capital is the largest since December 2016.

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