SEVERAL recent surveys have reported sharp falls in some of the capital’s most expensive boroughs.

Last month the property site Rightmove said the average asking price of a newly marketed home in Kensington and Chelsea fell by £308,000 between August and September. Last week, upmarket estate agent Savills said prices in central London had fallen by 3.2 per cent in the first nine months of this year, and were 15.2 per cent below their peak three years ago.

And a Nationwide report has revealed that London house prices had fallen for the first time year on year since the height of the financial crisis eight years ago.

Rightmove described the slump in the high-end central London market as a “readjustment”, and quoted an estate agent saying that, since the introduction of the three per cent surcharge on stamp duty paid by investors, along with the uncertainty over how Brexit would pan out, “investors have been standing on the sidelines”.