Global luxury slump echoed in London

The world’s most luxurious houses have fallen to their lowest annual growth levels for almost six years, according to new Knight Frank data, climbing just 2.7% in the last 12 months. London’s luxury values dropped 2.9% in the last year. "A combination of uncertainty surrounding Brexit, rising interest rates across major economies, a tighter regulatory environment and the remnants of high supply in some markets is impinging on price growth,” Knight Frank said. However, a separate report from JLL predicts that the average price of a new-build home in Zones 1 and 2 will rise 17.6% between 2019 and 2023, boosted by a combination of an incremental rise in GDP, a 4% rise in earnings, and moribund growth in new housing stock.

City AM (29/10/2018)   Evening Standard (31/10/2018)