Zoomf Blog - UK Property Blog.

Last week, Savills reported a decline in prime central London property values of 5.5% over the second quarter of 2008 (read the full story here). Today, Knight Frank have published their results which are similar, but not quite as stark.

According to Knight Frank figures, the monthly fall in property prices in prime central London accelerated in June, from a 1.5% decline in May to a 1.7% decline over the past month. Prices have now fallen for two consecutive months and are now 3.1% lower than three months ago, and although this quarterly decline is not as drastic as the one Savills recorded, it is the largest recorded quarterly fall in the Knight Frank index since 2002. The volume of sales has also declined, by around 60% over the past year.

But don’t worry, if you’re super gorgeously rich and your butler is reading this to you then you’re in for some slightly better news. Super-prime properties (£10m+) have remained relatively immune from the slowdown, with prices only falling by 0.9% last month, they still stand 22.7% higher than a year ago.

Filed under: Property News