Asking prices for homes across some of London’s most expensive postcodes have tumbled over the last year – while much less trendy areas have rocketed in price.

According to website Home, measuring prices of two-bedroom properties, the biggest faller was Belgravia with an 8% annual drop.

This was followed by Westminster (down 6.3%), Soho (down 5.7%), South Kensington (down 4%) and Chelsea (down 3.5%).

By contrast, in areas towards the edge of Greater London, house prices have rocketed.

In Stratford, asking prices have gone up 44.9%, in West Norwood by 44.2%, in Stepney by 41.6%, in Canning Town up 37.8%, and in Leyton up 37%.

Overall, across London, asking prices rose by an average of 19%.

Outside the M25, only Slough showed similar price inflation, with a 44.3% rise in asking prices in the 12 months to September.

Home director Doug Shepherd described some of the price rises as “jaw dropping” but said that, with prime London prices falling, other areas would follow.