LONDON (Nov 7): The price of central London's most expensive homes fell again in October, continuing a decline which began earlier this year due to increased property taxes and the Brexit vote, a consultancy said on Monday. Prime central London stretches from Kensington and Notting Hill in the west to the City of London in the east. The biggest drop was recorded in Chelsea, where prices fell 9.9%. Stamp duty — paid on purchases of new homes — was increased from April on second homes and buy-to-let purchases, particularly hitting central London where many buyers are foreign investors. Upmarket estate agents Savills said in September that prices in London's prime locations will fall by 9% this year and not grow again until 2019.

Source: The Edge Markets November 07, 2016 13:48 UTC