House prices in prime London fall to 2014 levels

House prices in the prime London market have fallen year-on-year and are now back at 2014 levels, according to new data from Lonres. Figures from the property consultancy showed house prices in prime London are now 2.5% below their pre-pandemic level having fallen by 7.1% annually. Activity in the prime London sales market is up, however, the number of properties put on the market in January and the number of properties under offer grew by 4.2% and 5.4% respectively last month. The value of ultra-central properties in South Kensington and Chelsea has dipped, while Mayfair & St James has shown significant growth due to new high-end developments. Rental growth in prime London slowed, too – although average rents are still over a quarter above their pre-pandemic average. 

City AM (19/02/2024)