Foxtons posted a dip in profit for 2015 on Tuesday, as the decline in the high-end London property market weighed. Its pretax profit fell 2.6 percent to £41.0 million.
Among the most-affected boroughs was Marylebone — home of the fictional detective, Sherlock Homes — where rental prices declined by 4.1 percent in the three months to February 2016 and sales prices fell by 1.1 percent, according to Knight Frank.
The luxury real estate agency said that rental prices declined by an average of 0.9 percent between December and February in so-called prime central London, while sales prices remained flat. This area contains some of the world's highest-valued properties in locales like Kensington, Knightsbridge, Belgravia and Chelsea.
By comparison, rental prices fell by only 0.4 percent in prime outer London — boroughs like Battersea and Richmond in the south and Hampstead in the north — in the same period, while sales prices rose by 0.4 percent.