London’s luxury home prices continue to decline

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A New report from property adviser Savills shows that political uncertainty is having its toll on London’s luxury residential market.

Average values for prime real-estate in London and the surrounding areas fell by 0.9% in the second quarter in 2017. The total decline compared to the same period last year was as high as 5.3%, according to the report.

“Increased political and economic uncertainty has weakened fragile buyer sentiment,” said Lucian Cook, head of residential research at Savills, in the second-quarter report.

Meanwhile, a report from property consultancy Knight Frank published last week claims that Luxury rentals are booming in central London in 2017.

Clearly the super-rich feel more comfortable renting than buying in London at the moment.

 

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