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Notting Hill Drops Most in London’s Luxury Home Market

A lamp post stands in front of the colorful facades of residential properties in the Notting Hill district of London
Photographer: Simon Dawson/Bloomberg

Home values in Notting Hill, the London district popular with bankers and pop stars, fell 3.8 percent in the 12 months through July as demand for luxury property in the U.K. capital slowed.

Prices declined by 1.2 percent in both the Chelsea and Knightsbridge neighborhoods and 0.9 percent in Kensington as a rise in the sales tax for the most expensive homes damped demand, Knight Frank LLP said in a report on Monday. The average annual gain in the 13 districts that make up prime central London slowed to 2 percent in the period from 7.9 percent a year earlier, the broker said.