Kensington and Chelsea house prices increased slightly in August

By Andrew Dowdeswell, Data Reporter
Published 18th Oct 2023, 16:36 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices increased slightly, by 0.2%, in Kensington and Chelsea in August, new figures show.

House prices increased slightly, by 0.2%, in Kensington and Chelsea in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 10.4% annual decline – the worst in the UK.

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The average Kensington and Chelsea house price in August was £1,358,879, Land Registry figures show – a 0.2% increase on July.

Over the month, the picture was similar to that across London, where prices decreased 0.1%, but Kensington and Chelsea was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea fell by £158,000 – putting the area bottom of the UK’s local authorities for annual growth.

The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000.

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First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,163,000 on their property – £136,000 less than a year ago, and £71,000 less than in August 2018.

By comparison, former owner-occupiers paid £1,577,000 on average in August – 35.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Kensington and Chelsea in August – they increased 1.4%, to £4,010,092 on average. Over the last year, prices dropped by 8.8%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in Kensington and Chelsea compare?

Buyers paid more for properties in Kensington and Chelsea than anywhere else in the UK in August. The average price paid would buy 12.3 homes in Burnley (£111,000), at the other end of the scale.

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Across London, property prices are high compared to those across the UK, where the average cost is £291,000.

Factfile

Average property price in August

  • Kensington and Chelsea: £1,358,879
  • London:£535,597
  • UK: £291,044

Annual change to August

  • Kensington and Chelsea: -10.4%
  • London: -1.4%
  • UK: +0.2%

Highest and lowest annual growth in London

  • Haringey: +5.8%
  • Kensington and Chelsea: -10.4%