What does the chart show?
It’s easy to fixate on what’s happening now and block out the – even most recent – past. And this is never truer than when it comes to the housing market.
In prime central London prices have been falling now for four years. The increase in stamp duty in December 2014 (for higher value homes) signaled the end of a period of strong growth which peaked in Q2 2014. This was a whole five years on from the previous downturn which had been triggered by the collapse of Lehman Brothers and the financial crisis in 2008.