Asking prices for London homes have recorded their biggest annual fall this decade, with houses in the most expensive boroughs marked down by up to £300,000.
The figures, released by online listing portal Rightmove, are historically much more volatile than other well-followed indices which are built from actual mortgage valuations or achieved sales.
But the ‘readjustment’ in prime housing adds to a sense of fragility in prime housing, following 12 months in which market liquidity has more or less evaporated.
The net 3.2% fall in London-wide asking prices over the last year, an average drop of £18,000, was the largest fall since it began to track prices in 2010, said a spokesperson for the business.
The largest falls were registered in Kensington & Chelsea, with Camden also hit hard. The fall was far from uniform however, with asking prices £58,000 higher in Southwark.
The borough has been one of the capital’s hotspots for luxe new builds, although there have been widespread reports of developers throwing in expensive non-cash inducements in order to secure sales without having to record headline discounts.