Annual growth in the price of prime central London property in June slowed to 2% from 8.1% a year ago, according to the latest Knight Frank prime central London sales index.
“This reflects a more moderate pricing environment and greater sensitivity to asking prices on the part of buyers,” believes Tom Bill, head of London Residential Research at the property consultancy.
He also argues that there is anecdotal evidence that the increase in stamp duty for properties worth more than £1.1m, which came into effect in December, has made some buyers more circumspect about moving.
Bill commented: “Prices grew 0.5% in June from a month earlier and at the current average rate of increase, annual growth will bottom out over the summer before a shallow upwards trend emerges later in the year.”
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