Central London house prices suffer biggest annual fall since 2019
19 April 2023
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Central London property prices dropped almost 5 per cent in the 12 months to March, the largest annual fall in three and a half years, as the UK’s poor economic outlook and fears of a further decline in the housing market stopped wealthy buyers from committing to deals.
The price of property in prime areas of the capital dropped to £1,261 per square foot last month, down from £1,326 a year earlier — the lowest level since mid-2021, according to data provider LonRes, as values continued the decline that began in late 2022 after a buoyant 18 months.