LONDON: Luxury-home prices in central London, the world's most expensive location for prime real estate, fell for a second month in June as sales slumped, Knight Frank said. The average price of houses and apartments in London's nine most expensive neighborhoods fell 1.7 percent in June from a month earlier, Knight Frank said Tuesday in a statement. That cut the annual increase to 7.5 percent, down from a peak of 38 percent in August. "There can be no doubt that even property in prime central London has been hit by the double whammy of the credit crunch and wider concerns over the global economy," said Liam Bailey, Knight Frank's head of residential research. Demand from the 300,000 bankers and others employed in financial services, which has underpinned the luxury London housing market, has dropped on concerns about job cuts and lower bonuses. Knight Frank said prime residential sales in London are down 60 percent from last year.
LONDON: Luxury-home prices in central London, the world's most expensive location for prime real estate, fell for a second month in June as sales slumped, Knight Frank said.
The average price of houses and apartments in London's nine most expensive neighborhoods fell 1.7 percent in June from a month earlier, Knight Frank said Tuesday in a statement. That cut the annual increase to 7.5 percent, down from a peak of 38 percent in August.
"There can be no doubt that even property in prime central London has been hit by the double whammy of the credit crunch and wider concerns over the global economy," said Liam Bailey, Knight Frank's head of residential research.
Demand from the 300,000 bankers and others employed in financial services, which has underpinned the luxury London housing market, has dropped on concerns about job cuts and lower bonuses. Knight Frank said prime residential sales in London are down 60 percent from last year.
