Prices of £5 million-plus properties have dropped by almost 10%

Average prices of £5 million-plus properties in London have dropped by almost 10 per cent over the past year as higher stamp duty rates dampen demand for upmarket homes in the capital. According to LonRes, a property data provider, average prices per square foot in all price brackets in prime central London were down 3.7 per cent in the final three months of 2015 compared with the same period a year earlier. The largest drops were in the highest price thresholds, with the cost per square foot for properties over £5 million falling by 8.6 per cent over the period. This also was the price threshold that suffered the greatest drop in sales over the year.