Prime central London monthly price growth slowed to zero in October for the first time in four years according to Knight Frank.
The agency, normally one of the most bullish in the capital, says the annual rate of price growth in PCL is now 6.5 per cent, taking their cumulative growth over the past four years to around 40 per cent.
"The positive run began in November 2010, the same month Ireland became the second European country after Greece to receive a bailout as concerns grew over the future of the eurozone" says Tom Bill, Knight Frank's head of London residential research.
The company now blames uncertainty over the upcoming general election and possible property taxes as lying behind the current slowdown.
Knight Frank forecasts 22 per cent cumulative growth between 2015 and 2019
Comments
Its not the election or the property taxes holding some of us back, its how little half a million will buy in London that makes it unappealing to even try.
I'm sure they'll cope. The country needs more affordable housing, not homes going for millions upon millions. Prime Central London struggling might actually be a good sign for ordinary people looking to get on the property ladder, as it means the property market in London might finally look more sensible again.