{"id":21879,"date":"2016-08-03T22:14:23","date_gmt":"2016-08-03T15:14:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=21879"},"modified":"2016-08-03T20:29:38","modified_gmt":"2016-08-03T13:29:38","slug":"prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock\/","title":{"rendered":"Prime central London house prices tumble by most in seven years and values face 'major shock'"},"content":{"rendered":"


\nBloombergHome prices in London’s Knightsbridge district dropped 7.3 per cent 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 per cent across central London’s best districts, with prices in Chelsea down 7.2 per cent, the broker Knight Frank said in a Wednesday report. Rents in the area known as prime central London fell 3.6 per cent in the period and the number of new properties offered for lease rose 49 per cent in the second quarter, according to data compiled by the broker.”We have seen a reduction in prices in Knightsbridge since the second quarter of 2015, mainly as a result of the adjustment to stamp duty changes and overly ambitious asking prices,” said Rupert des Forges, the head of Knight Frank’s office in the neighbourhood.A three percentage-point increase in the stamp duty sales tax for landlords and second home owners came into effect in April, on top of an increase in charges for all luxury-home purchasers in 2014. Home values face a “major shock” as landlords sell properties after the measures which, along with new lending rules, reduce returns to near zero, analysts at Deutsche Bank said in June.The Brexit vote has “reinforced” existing trends for both home prices and rents in central London, said Tom Bill, the head of London residential research at Knight Frank. Weaker prices mean some owners are choosing to rent out properties instead of selling them and the additional supply is damping rents, he said.Rents dropped 8.2 per cent in the Marylebone district, the most in central London, the data shows. They fell 7.2 per cent in Riverside, a district defined by Knight Frank as running from Battersea Bridge to Tower Bridge along the south bank of the River Thames. It includes the Nine Elms district where developers plan to construct 20,000 homes.business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Prime central London house prices tumble by most in seven years and values face ‘major shock’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BloombergHome prices in London’s Knightsbridge district dropped 7.3 per cent in the 12 months through...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21879","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5GT","jetpack-related-posts":[{"id":43391,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-tumble-in-londons-most-expensive-neighbourhoods\/","url_meta":{"origin":21879,"position":0},"title":"House prices tumble in London's most expensive neighbourhoods","date":"February 8, 2017","format":false,"excerpt":"\r Home values in the Bayswater district fell 14 per cent 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 per cent across the capital's best\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","url_meta":{"origin":21879,"position":1},"title":"London's top boroughs see prices plummet most in five years","date":"November 16, 2016","format":false,"excerpt":"\r Land values in central London's best districts fell 10.3 per cent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall.Banks are less willing to lend for site acquisitions and construction, fuelling the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-pound-creates-bargain-london-property-deals-for-gulf-buyers\/","url_meta":{"origin":21879,"position":2},"title":"Weak pound creates bargain London property deals for Gulf buyers","date":"August 4, 2016","format":false,"excerpt":"\r Arabian Gulf property investors have begun bargain hunting among London's most exclusive addresses as prices tumble.House prices in some of the parts of London most popular with GCC investors have suffered their biggest annual falls in nearly seven years.Average prices in the London district of Knightsbridge fell 7.3 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-sellers-get-message-and-rush-to-slash-prices\/","url_meta":{"origin":21879,"position":3},"title":"Luxury London home sellers get message and rush to slash prices","date":"September 14, 2016","format":false,"excerpt":"\r Sellers of luxury homes in London are lowering asking prices as the effects of the Brexit vote, political uncertainty and high taxes sink in amid sliding demand.The number of owners cutting prices for prime homes in the capital jumped 75 per cent in the 10 weeks following the June\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51797,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-buyers-turn-to-marylebone\/","url_meta":{"origin":21879,"position":4},"title":"Luxury London home buyers turn to Marylebone","date":"April 13, 2017","format":false,"excerpt":"\r While the more traditional high-end London property areas such as Knightsbridge and Chelsea have seen prices stagnate or fall over the past 12 months, a relatively new kid on the block has taken top slot as best performer in prime central London (PCL) homes - and buyers from the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/Bsbb3yxXzW0\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":33508,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-central-london-homes-fail-to-find-buyers-as-luxury-market-slumps\/","url_meta":{"origin":21879,"position":5},"title":"New central London homes fail to find buyers as luxury market slumps","date":"November 8, 2016","format":false,"excerpt":"\r The number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers' bets on rising demand for luxury properties will go sour.Homes being built without a buyer secured will reach 10,829, a 24 per cent rise from the end of last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21879"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=21879"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21879\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=21879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=21879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=21879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}