Brexit pushes prime Hyde Park home prices down 14%

London

HOME values in the Hyde Park district fell 14 per cent in the 12 months through January, the biggest drop in central London's best neighbourhoods, as sellers cut their asking prices in the wake of the Brexit vote.

Values dropped by an average of 6.7 per cent across the capital's best districts as successive sales-tax increases damped demand, Knight Frank LLP said in a report on Monday. The lower prices are luring buyers back into the market, with sales increasing in the final quarter of 2016, the broker said.