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Bayswater Homes Hit Hardest as Brexit Fuels Discounts

Traffic passes the One Hyde Park real estate development in London.
Photographer: Chris Ratcliffe/Bloomberg

Home values in the Bayswater district fell 14 percent in the 12 months through January, the biggest drop in central London’s best neighborhoods, as sellers cut their asking prices in the wake of the Brexit vote.

Values dropped by an average of 6.7 percent across the capital’s best districts as successive sales-tax increases damped demand, Knight Frank LLP said in a report on Monday. The lower prices are luring buyers back into the market, with sales increasing in the final quarter of 2016, the broker said.