London’s prime property market still reeling from mini-Budget
28 October 2022
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The market for London’s most expensive homes has been thrown into disarray and is unlikely to recover until next year after last month’s “mini”-Budget sparked expectations of a sharp fall in property prices, according to the latest data.
The number of property deals falling through in the capital’s most expensive postcodes, including parts of Mayfair and South Kensington, has leapt in the five weeks following the statement from former chancellor Kwasi Kwarteng on September 23, according to LonRes, which monitors London’s high-end property market.
Since the “mini”-Budget, 262 prime home sales have collapsed, an 82 per cent increase on the 144 that fell through in the same period of last year.