‘People are deserting it’: why are London mansions struggling to sell?
For decades, the capital’s house prices raced ahead of the national average – but now they are falling in prime areas
TL;DR
- Prime London property prices are falling significantly, with some homes experiencing reductions of up to £1m or more.
- Factors contributing to the downturn include Brexit, increased borrowing costs, and a reduction in international investment.
- While the general prime market is sluggish, the 'super-prime' segment (billionaire level) is seeing activity with large transactions.
- Some wealthy individuals are choosing to rent rather than buy due to concerns over taxes and maintenance costs.
- The market is divided, with 'best in class' properties still attracting buyers, while older or less desirable properties are seeing substantial discounts.