Prices Down once again in Prime London

Prices Down once again in Prime London
07/11/2019 , by , in INTERNATIONAL

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.

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