The price fall margin has been smaller than expected, says Savills, and has been confined to the sub £2m market.
The agent is predicting a rise of 15% in the upcoming year for sub £2m housing in
Annual growth in the £5m plus housing market has showed more resilience but has slowed, housing in this bracket has increased by 2.5% which, Savills says, reflects a continued interest from wealthy non-UK residents.
Lucian Cook, director of Savills Research, said: “This small fall comes as no surprise. We anticipated a fall of 3% in the final quarter of the year, in expectation that the market would react in a similar manner to previous financial shocks and reduced bonus expectations amongst City buyers would bite.”
