Annual price growth in prime central London declines slightly in November
Knight Frank has released the Prime Central London Sales Index report November results.According to the Knight Frank , annual price growth in prime central London declined to 0.9% in November, against the background of prolonged uncertainty surrounding the impact of property taxation.Islington recorded the biggest annual price growth with 6,5 percent increase in the year to November 2015.
Annual growth was at its lowest level since October 2009, with a monthly decline of -0.3% contributing to the slowdown. The Chancellor’s latest announcement came as tentative signs have begun to emerge that buyers and sellers are adjusting to previous stamp duty changes introduced in December 2014, said Tom Bill, Head of London Residential Research.
Knight Frank sales data for the six months to October shows properties sold at an incrementally slower pace as the achieved price fell below the asking price.
November also saw the release of Knight Frank’s global tax report, which showed London was in the middle of the pack compared to other major global cities in relation to prime property tax and holding costs.