Seven of London’s eight priciest districts saw a decline in housing prices during the month of June as the number of homes bought with cash also fell, media reports said.
Data from property consultancy Acadametrics revealed that the largest fall was seen in London’s financial district at 2.5 percent, followed by the City of Westminster where prices slipped 2.4 percent from the previous month.
“There would appear to be a slackening in the pace of change in the higher-priced areas of London,” noted Acadametrics Chairman Peter Williams. “A fall of prices in central London could bring about a decline in the market’s expectations of the future movement of prices for the remainder of the country.”
Demand for luxury homes in the UK capital has been driven by a weakened pound and overseas investors. In the 12 months through June, prices in the City and Westminster areas soared 68.4 percent and 18.1 percent respectively, while prices in all of London’s 33 boroughs climbed 7.1 percent.
However, central London has seen prices increase “to what can only be described as ‘eye watering’ levels”, said Williams.
On the other hand, Kensington & Chelsea – the city’s most-expensive borough – was the only district that posted an increase of 2.7 percent in June to average £1.53 million (S$2.99 million).
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Stories:
Strong appetite for Malaysia property