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Story summary
- London house prices fell 4.6% year on year in November 2025, the steepest decline since the financial crisis.
- Kensington and Chelsea dropped 16.3% to £1.19 million, while Westminster fell 15.5% to £866,000.
- The declines followed speculation about tax changes ahead of the Autumn Budget, reducing demand.
- Meanwhile, the UK average price rose 2.5% to £271,000.
- Analysts say lower mortgage rates could restore market confidence in 2026, though uncertainty remains.
