Savills: prime central London prices fall 0.7% in Q1 as mortgage rates and Iran war weigh

Savills' Q1 prime market data shows prime central London house prices fell 0.7% in the first quarter, with prime country houses down 0.3%. Prime central London rents rose 1.1% year-on-year and prime outer London rents 2.3%. Savills attributes the cooling to recent mortgage rate rises and uncertainty linked to the Iran conflict. The shift is concentrated at the top end — affordability conditions in the wider UK market move on different drivers.