Inner London house prices fall at fastest rate since global financial crisis
Sharp annual decline in most expensive boroughs underscores impact of Budget uncertainty
Sharp annual decline in most expensive boroughs underscores impact of Budget uncertainty

Drop of 2.4% in year to October takes cost of average dwelling in UK capital to £547,299

Cheaper areas show more resilience in capital’s ‘two-speed market’

Prices in capital diverge from UK growth as buyers look beyond the M25

Westminster and Kensington and Chelsea property valuations sink close to 2013 levels

Fall is in contrast to other property types and reflects desire for more space and reluctance to pay high service charge

Lossmaking sales are the latest sign of weakness in the capital’s property market