It has been reported by Rightmove that the asking prices for homes in London has seen its biggest fall so far this decade. The price has dropped by £18,000 on average in the space of just one month. This headline masks much larger falls in some of the capital’s most expensive boroughs. The average asking price of a home in Kensington and Chelsea plummeted by more than £300,000 between August and September, and Camden was also hit hard.
The drops have reportedly been linked to the continuous uncertainty of Brexit as well as tax changes causing wealthy investors to take a step back for a moment. Rightmove said it measured more than 98,000 asking prices, which represented around 90% of the UK market. The properties were put on sale between 13 August and 9 September. The typical price of property coming to market in London has slipped to £610,912.