London house prices fall
House prices in prime London fell faster than ever before in October says a new report


Residential prices in Prime Central London fell by 3.9% in October, the fastest rate of decline on record, according to the latest figures from Knight Frank. Since the peak of the market in March prices have fallen by 13.4%, the report states, with a six monthly decline of 12.4%.
* Luxury property for sale in London
All areas in the capital have been hit – with only minor differences in the rate of decline between houses and flats, a contrast to previous reports which found family houses in the capital maintaining their value.
Liam Bailey head of residential research at Knight Frank pointed out that it’s worth bearing in mind that although price falls seem dramatic, the rises were equally steep: ‘We ought not to be too surprised - at the height of the recent boom prices were rising by the same rate, so there is a symmetry of sorts to the current pattern of price movements.
‘There is a bright side to the price falls – they reflect the fact that vendors are now increasingly realistic about price levels and are more understanding about what prices are achievable. Whilst the market is still well down on historic sales volumes, the reassuring element is that sales volumes rose slightly during both September and October whilst prices fell sharply.
‘We do not expect the market to bounce back any time soon – but the indications are that cutting prices to sensible levels gives you a half decent chance of achieving a sale,’ he continued.
* Luxury property for sale in London
Exquisite houses, the beauty of Nature, and how to get the most from your life, straight to your inbox.
-
101 gold rats, a 'self portrait as a horse' and a tribute to motherhood take home top prizes at this year's Royal Academy Summer Exhibition
The Royal Academy has announced its 2025 prize winners, spanning talented sculptors, painters and print-makers, with works on display in London until August 19.
By Lotte Brundle Published
-
A light-filled waterside home for sale for the first time in over half a century, set in the idyllic spot where the New Forest meets the South Coast
Little Aston is a graceful, charming home with superb gardens and its own orchard, as well as some of the south coast's most beautiful areas right on its doorstep. Penny Churchill takes a look.
By Penny Churchill Published