Housing market bubble BURSTING: Top prices tumble AGAIN sparking fears of CRASH
HOUSE prices in Britain’s wealthiest areas sank at an even faster rate in April than the month before, with estate agents saying the plunge is reminiscent of the 2009 market crash.
By LANA CLEMENTS
Express.co.uk
Tue, May 3, 2016
Buyers in London have become more “hesitant” and desperate sellers are now dropping asking prices by more than 10 per cent, estate agent Knight Frank warned.
And price drops have spread across the country, with most regions feeling the squeeze, separate data showed.
The slump has been sparked by a new stamp duty tax that came into effect in April.
In exclusive Knightsbridge home values have dropped by seven per cent in the year to April, from 6.8 per cent March, Knight Frank found.
Prices in Chelsea in the capital are now down three per cent year-on-year, while South Kensington has seen falls of 4.9 per cent.
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