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London Luxury-Home Sales Slumped in Summer to Lowest Since 2008

  • Sales fell 15% June through August from year earlier
  • Average prices in prime districts dropped 4.4% from 2014

Luxury homes in London are proving the toughest sell since the global financial crisis as higher taxes continue to damp demand.

In the city’s prime central districts such as Notting Hill and Knightsbridge, 814 existing homes sold in the three months through August, a 15 percent decline from a year earlier and the lowest for the summer since 2008, according to broker Huntly Hooper Ltd. The average price fell 4.4 percent in August from a year earlier to 1,426 pounds ($2,216) a square foot.