London property values decline across multiple areas

House prices in central London fell during the 12 months to November 2023. The average property price across the whole city dropped by 6%, reaching £482,601. In central London, prices were around £661,000 on average, though reports differ on how much they fell. One source put the central London decline at 23%, while another reported a drop of 4.6% for the same period.

Experts say part of the reason is that some residents have chosen to move away from the city. Many people have been looking for homes with more space, which has reduced demand in central areas.

The falling prices have affected homeowners, people looking to buy, and businesses working in the property sector across the capital.