First property moves of the year: London falters

11:55 Thu 03 January 2008

Estate agent Savills has revealed that the price of prime property – that which is valued at more than £1 million – had fallen by 2 per cent in the last three months of 2007 and the lack of the large City bonus spending spree is one of the factors to blame.

If you want the particulars, last year, £5.5 billion of a total of £8.8 billion City bonuses was used for property purchases. This year Savills has projected that only £2 billion, from a total bonus fund of £7 billion, will be used for property. Quite a difference.

We're wondering what effect this will have on the most expensive flats in town. Where are they? Take a look.