High value properties in London''s wealthiest suburbs have decreased in value for eight consecutive months, according to new research by Knight Frank.

The residential property sales and lettings firm claims that houses in London''s most exclusive postcodes have lost an average of 3.6 per cent in November when compared with October''s figures.

According to data released by the estate agent, luxury property prices in the capital have fallen by 9.3 per cent in the last three months and have plummeted by 14.1 per cent when compared with figures from November of last year.

Liam Bailey, head of residential research at Knight Frank, said that in previous months super-prime properties had remained immune from the economic downturn and houses continued to perform better than flats.

"Neither of these trends has continued into the final quarter of the year," he added.

Meanwhile, the average house price in the rest of the UK fell by 1.1 per cent in November, according to property consultancy Hometrack.

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