Lowest value segments now lead
Over the last 8 years strong London house price growth was initially led by the highest value markets.
London house prices have growth by 80 per cent since 2009, taking house prices to around 14x earnings.
As a 'thinner' or more illiquid market, the top price band has historically been the most volatile.
Following multiple tax changes and concerns over Brexit, the top price band is now seeing prices fall.
House prices in the 10th or most expensive decile have declined by 5 per cent over the past year.
Activity has shifted to the lowest deciles of the market, where price growth is now very strong.
Source: Hometrack
Hometrack reports in much more detail here.