{"id":43391,"date":"2017-02-08T23:41:38","date_gmt":"2017-02-08T16:41:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=43391"},"modified":"2017-02-08T20:51:14","modified_gmt":"2017-02-08T13:51:14","slug":"house-prices-tumble-in-londons-most-expensive-neighbourhoods","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-tumble-in-londons-most-expensive-neighbourhoods\/","title":{"rendered":"House prices tumble in London's most expensive neighbourhoods"},"content":{"rendered":"


\nHome 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 districts, including Knightsbridge and Mayfair, as successive sales-tax increases damped demand, Knight Frank said in a report. The lower prices are luring buyers back into the market, with sales increasing in the final quarter of 2016, the broker said.The Chelsea neighborhood saw a price drop of 13.3 per cent, the second most among the districts Knight Frank defines as prime central London. Kensington was next with a drop of 11.9 per cent.More owners are accepting the need for discount to make up for the higher transaction costs that buyers face, narrowing the gap with what purchasers are willing to pay, Tom Bill, the head of London residential research at Knight Frank, wrote in the report. “In some instances the EU referendum was the catalyst for overdue price reductions.”A 3 per cent levy on second-home purchasers and landlords, introduced in April 2016, followed an increase in charges for all luxury-home buyers in December 2014. The stamp duty for a \u00c2\u00a37.5 million (Dh27.54m) residence to be used as a second home is now more than \u00c2\u00a31m.Knight Frank exchanged contracts on the most London luxury homes in January for three years, as the number of prospective buyers increased 14 per cent in the final quarter compared to a year earlier, the report said. The gap between asking prices and achieved prices grew to 10 per cent in 2016, according to data compiled by the researcher LonRes.Luxury London home prices reached a low of at least 22 months in September and are now 6.9 per cent below the November 2014 peak, LonRes data show. The average price per square foot is now \u00c2\u00a31,787, which equates to about \u00c2\u00a31.8m based on average home sizes according to the English Housing Survey, published in February 2016.* BloombergFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…House prices tumble in London’s most expensive neighbourhoods<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Home values in the Bayswater district fell 14 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-43391","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-bhR","jetpack-related-posts":[{"id":34578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","url_meta":{"origin":43391,"position":0},"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":21879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock\/","url_meta":{"origin":43391,"position":1},"title":"Prime central London house prices tumble by most in seven years and values face 'major shock'","date":"August 3, 2016","format":false,"excerpt":"\r BloombergHome 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33388,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-rise-across-uk-except-in-prime-central-london\/","url_meta":{"origin":43391,"position":2},"title":"House prices rise across UK – except in prime central London","date":"November 8, 2016","format":false,"excerpt":"\r The price of central London's most expensive homes fell again in October, while those in the rest of the United Kingdom rose, new reports said on Monday.In the latest sign that the capital's high-end property market is cooling since Britons voted to leave the European Union, Knight Frank said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28099,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/doom-mongers-brexit-property-price-crash-forecasts-appear-unfounded\/","url_meta":{"origin":43391,"position":3},"title":"Doom mongers' Brexit property price crash forecasts appear unfounded","date":"October 1, 2016","format":false,"excerpt":"\r Fears that Brexit would lead to a UK house price crash are looking to have been overblown, property brokers claim.UK exhibitors at the Cityscape property exhibition in Dubai last month say that they are seeing little evidence that dire predictions by former chancellor George Osborne that house prices in\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":43391,"position":4},"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":49825,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-luxury-homeowners-turn-to-airbnb-as-sales-slow\/","url_meta":{"origin":43391,"position":5},"title":"London luxury homeowners turn to Airbnb as sales slow","date":"March 27, 2017","format":false,"excerpt":"\r Luxury-home owners in London's best districts, of whom 41 per cent are from overseas, are turning to companies such as Airbnb and property brokers to secure income as their properties languish on the market. Others are trying to boost leasing income with shorter contracts after long-term rents in the\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\/43391"}],"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=43391"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43391\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}