Prices down 25% in Prime London and activity down 70%. Prices are still ridiculous though.
There is a myth of 'all cash' buyers. But having worked in a private bank I can say many prime properties are mortgaged, at least up to a few million, maybe the £5m plus are mostly cash buyers. If you look at CML postcode data mortgage debt in prime areas is up 20-25% in the last 5 years or so, whereas in the West Midlands town I grew up in its actually flat to down despite a lot of houses having been built.
If this guy ends up in No 11 better swap the two up two down in West London for somewhere in the industrial belt.
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