London’s property market—especially flats—has sharply declined, with average values down around 26.7% over the past decade. Many recent buyers, particularly millennials, are now stuck in negative equity and unable to sell without significant losses. The downturn is being driven by a surge in landlords selling ahead of new rental regulations, weakened high-end demand due to tax and safety concerns, and broader expectations of further UK house price falls. John Power's article in the Spectator looks at the background.