Luxury London house prices declining

Land values in central London’s best districts fell over 10% in the year through September, the biggest drop in at least five years, as higher taxes and the Brexit vote caused luxury home prices to decline.

The news comes as Britain’s biggest housebuilder Barratt said it was cutting the price of some of its most expensive London homes by up to 10% in the latest sign that the market has cooled.

After an initial dip following the June 23 referendum, demand for new homes in most of Britain, including outer London, has bounced back according to builders and surveys, but it remains weak in the capital’s wealthiest central areas.