London House Prices Falling At Record Pace

House prices in London are falling at a record rate and even the super-rich are beginning to feel the pain as prime central London properties have shown a dramatic collapse.

Prime residential prices in Central London fell in October by 3.9%, the fastest rate of decline on record.

Since the peak of the market in March this year, prices have fallen by 13.4%, with the six monthly decline in prices (May to October) showing what can only be described as a dramatic collapse, a fall of 12.4%.

According to research compiled by property consultants Knight Frank, all areas of the capital have been hit, with only a minor difference in the rate of decline between houses and flats, whose respective falls were 3.8% and 4.0% in October.