Greater London house prices dropped sharply in the last month as the holiday season saw a decline in the number of deals done, particularly in the most expensive boroughs.
Across the capital, prices fell by 2.8% in the month to August 13 according to property website Rightmove. But despite this London prices are up 10.2% on an annual basis — outstripping the overall UK rise of 5.5%.
“The top end of the London market has been pretty buoyant so far this year as buyers and sellers have been keen to plough their cash into property,” said Rightmove commercial director Miles Shipside. “However, this August they seem to be more concerned with which part of the Med to anchor their yachts, causing a summertime lull in the capital’s £1 million-plus hotspots.”
Camden recorded the sharpest fall last month, with asking prices down 6.9%, while Tower Hamlets was top of the risers, up 2.9%.
