Prices Down once again in Prime London
Price declines in London’s prime property market in the third quarter were enough to cancel out the gains made in the first half of the year, according to a report Wednesday from Coutts.
A fall of 0.8% in the three months to the end of September left prices just 0.4% above the same time last year. Compared to the last peak in 2014, prices are now down 15.2%, the private bank and wealth manager said.
In some of the most desirable prime property hotspots in the city—Wimbledon, Richmond, Westminster and Mayfair—prime stock is down more than 20% compared to last year, the report said.
Like prices, transactions are still well below peak levels—down 27.8% compared to 2013.
The last three months have logged a significant drop in the sales of homes priced at more than £5 million (US$6.4 million), the report said, though it did not provide an exact figure.
The slump is likely due to potential stamp duty changes on the horizon.