Annual super-prime London residential sales values fell by 15%, totalling £2.6bn, for the year ending Q2 2018.
Data from LonRes, the Land Registry and Knight Frank reveals that the average house price during this period dropped to £18.4m, compared with £19.5m the previous year.
Incomplete data for Q3 shows the average house price dropping to £16m, compared with £21.6m for the first quarter of the year.
Knight Frank’s most recent monthly house price analysis shows super-prime house prices on a consistent decline for the past six months, compared with values last year.
However, the decrease in value of £10m-plus mansions is lower than the prime central London market overall.
In September, super-prime house prices decreased by 1.2% on the previous year, whereas prime central house prices were down by 2.9%.
There were 33.7% fewer new prospective buyers in Q2 2018 compared with the previous year. But in Q3 Knight Frank saw an increase of 16.7% new prospective buyers, with viewings up by 29.1%.
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