High end agency Knight Frank says prices in prime central London have fallen again – although the 4.4 per cent drop in the past year is actually the smallest annual drop recorded since the start of 2019.
But when you take into effect the poor performance of the pound since the EU Referendum in June 2016 what Knight Frank calls “the effective discount on prime central London property for buyers denominated in a range of overseas currencies” has become over 25 per cent.
The discount has widened in recent weeks as political uncertainty rises in the UK, it says.
The agency says annual price declines have been most modest above £10m in prime central London and above £5m in prime outer London.
The one bit of good news in the agency’s latest summary of sales in prime London markets is that the number of new prospective buyers registering with Knight Frank rose 29 per cent in prime central London in the year to July 2019.
Meanwhile, the number of new listings above £1m declined by 25 per cent over the same period. This imbalance has contributed to a moderation in annual price declines, the agency claims.