Prime central London house prices fell by 1.5% on the year in July, figures from Knight Frank show.
The main impact on demand for such homes has been changes to stamp duty in 2014 and the introduction of a stamp duty surcharge earlier this year, it said. The Brexit vote has merely reinforced the fall in prices.
Rents fell by 3.6%, although Knight Frank’s head of lettings said the market remained stable and that the level of corporate inquiries was encouragingly positive. The number of tenancies signed in the last three months was 3% higher on the year.
