Prime London houses in 20pc correction

The cost of Central London houses were still down 2.05% year-on-year despite the rapid correction to stand at £4.08m.

The price of flats and maisonettes are fluctuating to a lesser degree, as they rose by 1.18% from Q2 and 6.81% year-on-year to £1.27m.

For all property types in Central London prices increased by 10.99% from the last quarter and 1.71% year-on-year to average £1.67m.

Naomi Heaton, chief executive of LCP, said: “On the whole, the data reflects a positive picture for all ends of the market.

“Whilst business continues as usual at the mainstream lower value end, global demand has not ceased at the top end either.”