Residential property prices in Notting Hill fell 3.8% in the 12 months to the end of July, while those in Chelsea and Knightsbridge were down 1.2% and those in Kensington fell 0.9%, reflecting a decrease in demand for luxury properties following changes to stamp duty, data from Knight Frank showed.
The average gain for prime central London properties slowed to 2% from 7.9% in the year-earlier period.
The City of London and neighbouring areas reported the highest increase, at 6.6%.
