Being in London last week, I decided to sniff around for you and found a bit of Texas in the air.
The London housing market has been a story of ever-increasing growth for quite some time. There are several reasons for this. The sustained growth and enormous bonuses of the financial sector. The growth of London as a technology hub. The ever-growing ex-pat community, especially from oil exporting countries, and more recently Asia. And the overall “wealthing” of the local population.
However a few factors have been conspiring to give buyers a slight break. In the first quarter of 2016 prices in tony areas of London have fallen. In luxurious Knightsbridge, home of Harrods, prices have fallen nearly seven percent. South Kensington shed nearly five percent while other tony areas of the city including Hyde Park, Chelsea, Notting Hill and Belgravia (Upstairs Downstairs location) have all recorded varying drops.