This is how far house prices in Chelsea have fallen this year

Helen Cahill
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Posh properties are being hammered by stamp duty reforms (Source: Getty)

House prices in Chelsea just keep falling.

As George Osborne's stamp duty reforms and the Brexit vote continue to hammer the market, prices on high-end homes in Chelsea fell 13 per cent in the year to November.

Read more: House prices are already shooting up along the Elizabeth line

The figures from Knight Frank show that average prices on prime properties in central London fell by 4.8 per cent in the period as a whole.

The estate agents said that over 2016 as a whole, prices will drop by six per cent, a fall driven by a seven per cent drop in prices in west London.

Tom Bill, head of London residential research at Knight Frank, said: "Our latest forecast points to a levelling-out across the prime central London market in 2017 with an expectation that prices will be flat throughout the year.

Read more: House prices at the top end of the London market are down 5.4 per cent

"This adjustment comes on the back of overdue asking price reductions which, as we have noted in previous updates, have in some cases been prompted by the wider political uncertainty generated by the EU referendum result."

Many in the property industry were hoping that Chancellor Philip Hammond would reverse his predecessor's changes to stamp duty, which have slowed the sales of high-end homes.

However, as Hammond has pledged to help those who are "Just About Managing", it seems unlikely that he is about to turn his attention to London's high-end property market.

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