Prime London property prices fall most in 7 years

Britain’s vote to quit the EU helped push down house prices in London’s most expensive areas at their fastest rate in nearly seven years, accelerating a downward trend caused by increases in property taxes, a consultancy said yesterday.

Knight Frank’s prime central London index fell 1.5% last month from a year earlier, due to uncertainty created by the June 23 referendum and property tax rises which pushed up buyers’ costs and brought sales forward to the start of 2016.

It is the latest sign of a possible slowdown in Britain after a closely watched survey yesterday showed Britain’s economy is shrinking at its fastest rate since the financial crisis.