Prices in the prime London residential market have become static after four years of uninterrupted growth.
Knight Frank said that monthly growth was not registered in October. Political uncertainty surrounding the general election in 2015 is contributing to the slowdown.
Annual price growth has been slowing for the last three years, from a peak of 12.6% in November 2011 down to 6.5% in October this year, due to worries over a series of tax changes, including mansion tax.
However, the agent has forecast more confidence post-general election, with 22% cumulative growth expected between 2015 and 2019.
Tom Bill, head of London residential research at Knight Frank, said: “The economic risks that drove buyers into the safety of London property have been superseded by political risks that have created a mood of caution. As a result there is growing evidence that asking prices are having to adjust to more subdued market conditions.”
