The price of real estate in the poshest districts of London fell by 4.6% in 2018


Housing prices in the poshest districts of London fell by 4.6% to the lowest level since 2013, according to Knight Frank. Against the backdrop of political chaos in the country, sales and real estate prices fell in the second half of 2018. In the fourth quarter of the year, when the discussion of Brexit conditions between Teresa May and the EU authorities took place, prices for luxury housing fell by 1.5%. In the UK, the tax rules have changed. The tax on the most expensive real estate soared to 15% of the cost. Tax increases along with uncertain political prospects for the country weakened the demand for prestigious housing. Knight Frank spokesman, Tom Bill, considers the housing market downturn in Britain to be a consequence of the political situation in the country over the past six months. The cost of real estate in central London fell at the same pace as the cost of houses and apartments in the poshest districts. Excess supply is holding back prices - their level has fallen to a five-year low.

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