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London falling: Pandemic's hit to high-end property

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House prices in London's most desirable areas are set for a further fall this year, extending a five-year-slump.

The cost of buying a home in one of the capital's swankiest areas is expected to fall 5pc this year, according to a report published yesterday by property broker Knight Frank. That's down from an earlier prediction in April of flat prices and is based on the lockdown being gradually eased rather than lifted quickly.

"It's become clearer that some lockdown measures will remain in place into July and that social distancing rules governing day-to-day life, including property transactions, may remain in place beyond that," said Liam Bailey, global head of research at Knight Frank.

Prime London house prices have already suffered a 25pc drop since 2014, with uncertainty surrounding Brexit hurting values.

Bloomberg

Irish Independent