Sales in prime London market still a struggle as transactions drop 9% in a year

The prime central London marketplace continues to struggle, Knight Frank has reported.

It said that in the 12 months to August, sales volumes declined 9% compared with the previous 12 months, and that prices weakened by 4.3% in the year to August.

Knight Frank says that uncertainty around Brexit is one factor, while another is growth in supply as “more landlords attempt to sell their property following tax changes”.

However, the firm also says that demand has risen, and that the total number of prospective buyers was 11% higher in August than in the same month last year.