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 6.9%, 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 only 3.5% in Q2 2016. The new plateau indicates that the market may have stabilised after increased stamp duty rates and more stringent affordable housing policies.
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.