Economics
Home Prices in London’s Best Districts Just Hit a Six-Year Low
Red brick residential properties stand in the Kensington and Chelsea borough of London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Political chaos and a series of tax hikes pushed the average price of a home in London’s most-desired districts down by almost 5 percent last year, paring it to a low not seen since the start of 2013.
Home prices in the U.K. capital’s prime postcodes -- which include Chelsea, Islington, Kensington and Mayfair -- dropped 1.5 percent in the final quarter of 2018 as lawmakers failed to reach an accord on Brexit, data compiled by broker Knight Frank show. That extended the decline for the year to 4.6 percent.