Knightsbridge and Chelsea Lead London Home-Price Decline
Lanterns hangs in porches of residential properties in Onslow Gardens in the Borough of Kensington and Chelsea, in London, U.K., on Wednesday, March 2, 2016. Home prices in the best areas of central London fell by the most since June 2009 in the six months through February as turmoil in financial markets and higher taxes deterred buyers.
Photographer: Luke MacGregor/BloombergHome prices in London’s Knightsbridge district dropped 7.3 percent in the 12 months through July, the biggest annual decline in almost seven years, as Britain’s vote to leave the European Union accelerated price drops caused by rising taxes.
Values fell 1.5 percent across central London’s best districts, with prices in Chelsea down 7.2 percent, broker Knight Frank said in a Wednesday report. Rents in the area known as prime central London fell 3.6 percent in the period and the number of new properties offered for lease rose 49 percent in the second quarter, according to data compiled by the broker.