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Top end London house prices drop £300k in month

Top end London house prices drop £300k in month

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.

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