London's housing market is experiencing its sharpest decline in nearly two years, with prices dropping 1.8% annually as of September, reaching their lowest since December 2023. This downturn is driven by affordability challenges, rising mortgage rates, and looming tax hikes in the upcoming Budget. Notably, prime areas like the City of London and Kensington & Chelsea have seen double-digit declines, signaling a significant shift in the capital's real estate landscape. As London diverges from the rest of the UK, where house prices continue to rise, we explore the factors behind this trend and its implications for buyers, sellers, and the broader property market.

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