Going down: Prime central London market continuing to dip

The prime central London market is continuing to dip, Knight Frank has reported.

It says that the number of applicants was down by 30% in September compared with the same month last year, and that prices last month fell by 0.3%.

The number of properties exchanged in the three months to the end of September was almost 17% fewer than in the same period last year.

Knight Frank partner Noel Flint said currency fluctuations as well as Stamp Duty changes were helping to deter foreign buyers.

He said: “There are far fewer Russian buyers in London looking to spend £5m to £10m.

“Their budgets have been trimmed as the rouble is a fraction of what it was. Ditto the Far Eastern buyers.

“Now the pound is so strong, London is not seen as such good value for money.”

Knight Frank has cut its 2016 forecast for annual house price growth in prime central London from 4.5% to 2%.


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One Comment

  1. BerksSurreyAgent

    No surprises here- the 10% & 12% SDLT bands are a real issue and I can’t believe HMRC aren’t seeing a hit in their tax take. f the top two bands were reduced the market will move and Govt will make money….


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