Residential property prices in prime central London are currently falling at their fastest rate for seven years owed in part to greater uncertainty in the market following the UK’s decision to leave the EU.
Home prices in the heart of the capital have been dropping since late last year, but Brexit appears to be accelerating a downward trend initially caused by increases in property taxes, according to Knight Frank.
The property consultancy’s prime central London index fell 1.5% last month from a year earlier, due to the uncertainty created by the EU referendum and property tax rises which pushed up buyers’ costs and brought sales forward to the start of 2016.
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