Prime residential property prices in London are being depressed by fears over a deepening recession, as value during October and November fell a record 7.5%. However, the market may be buoyed next year by foreign buyers seeking a bargain.

November saw the second steepest falls on record for property valued at over £10m (€12m), superseded only by the previous month, which suffered falls of 3.9% in value according to the latest Knight Frank Prime Central London Index.