Prices for central London residential property may have bottomed out, according to estate agent Knight Frank. Land values have not fallen for two consecutive quarters, with a year-on-year price drop of only 3.5%, the lowest annual recorded since Q1 2016. Property had seen a consistent drop in value since the second half of 2015, with the EU referendum blamed for a drop of 6.9% in Q2 2016. The average house price across England and Wales fell by £4,700 between April 2016 and March 2017, while prices were down on an annual basis by more than 10% over that period.
Prices for central London residential property may have bottomed out, according to estate agent Knight Frank. Land values have not fallen for two consecutive quarters, with a year-on-year price drop of only 3.5%, the lowest annual recorded since Q1 2016. Property had seen a consistent drop in value since the second half of 2015, with the EU referendum blamed for a drop of 6.9% in Q2 2016. The new plateau indicates that the market may have stabilised after increased stamp duty rates and more stringent affordable housing policies.