Owning a property in Central London is a dream for some, but a burden for others – if you are an accidental landlord, that is. An accidental landlord? But that I mean you were lucky enough to buy a property 20 years ago, then decided to move out of London – and were left wondering what to do with it. Rent it out? Sell it? Only a mad man would want to sell a property in London? Right. Wrong.
Recent figures from property website Rightmove showed that this year, asking prices for homes in London have recorded their biggest annual fall so far this decade – having dropped on average by £18,000 in a month.
The larger falls are in some of London’s most expensive boroughs, which in the past were thought of as being ‘bulletproof’ when it came to house price appreciation and a steady investment income. The average asking price of a home in Kensington & Chelsea, for example, fell by more than £300,000 between August and September.
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