london house price forecast
House prices in Londonâs wealthiest areas are set for their biggest fall since the financial crisis, according to the estate agency Savills. Brexit worries have joined other factors weighing on prices in areas such as Kensington, Chelsea and Notting Hill, resulting in a predicted drop of 9 per cent in 2016, the largest since an 18.8 per cent fall in 2008. Savills forecasts flat prices for the two subsequent years. The prime central London market staged a strong recovery in 2009, with prices rising 21.4 per cent but Lucian Cook, director of residential research at Savills, said that tax changes since then had increased transaction costs for expensive homes, meaning the market was unlikely to bounce back so much.