High-end estate agency Knight Frank says prime central London prices are down as much as 14.0 per cent in the year to the end of January as the capital’s market slump shows no significant sign of improvement.
In a league table of 14 locations across central London, running from Notting Hill in the west to Tower Bridge and the City in the east, the agency says prices over the past year have fallen in every single area.
Hyde Park was the largest faller, down 14.0 per cent, closely followed by Chelsea down 13.2 per cent and Kensington down 11.9 per cent. The picture eases further east, with Tower Bridge down 2.3 per cent in the year to January, with the City easing by 1.8 per cent and Islington falling 1.7 per cent.
The agency is keen to urge people not to exaggerate the impact of Brexit and the political uncertainty surrounding the presidency of Donald Trump in the US.
“Higher rates of stamp duty is still a bigger issue than the prospect of article 50 being triggered in March” insists Tom Bill, head of London residential research at the agency.