London's most expensive properties are experiencing sharp price cuts as wealthy buyers pull back from prime real estate markets.
A flat in South Kensington near the Natural History Museum has dropped nearly £1m in asking price over the past year, now listed at £4.4m. Nearby, a house originally asking £20m was reduced to £14m, according to a local estate agent. In Notting Hill, a property that came to market two years ago at £16m is now offered for less than £14m.
The shift marks a reversal of decades of trends. London house prices have historically raced ahead of the national average, but prices in prime areas are now falling.
The source material provides limited detail on the causes of this slowdown, the scale of the market shift, or the outlook. It does not name the estate agent or offer broader market data.