Central London house prices tumble

Prime inner-London rents and house prices have plummeted since the start of the COVID crisis, driven by the dwindling appeal of city life during lockdown and restrictions on international travel. Average prices per square foot have been hit the hardest in Knightsbridge, dropping to £1,546 in the first half of 2021, down 11% on the area’s five-year average. However, the number of flats sold peaked at a five-year high during the six-month period, as buyers rushed to lock-in tax savings before the end of the stamp duty holiday. Experts warn the bargain will be short-lived and property prices in the area, which has historically been popular among foreign buyers, will rebound when border restrictions are lifted. 

The Daily Telegraph (26/07/2021)