Kensington and Chelsea house prices leapt 5.9% in October

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices leapt by 5.9% in Kensington and Chelsea in October, new figures show.

But the significant rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 3.4% annual decline.

The average Kensington and Chelsea house price in October was £1,352,475, Land Registry figures show – a 5.9% increase on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Kensington and Chelsea was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea fell by £47,000 – putting the area 20th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 5.4%, to £806,000. At the other end of the scale, properties in Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,160,000 on their property – £38,000 less than a year ago, and £14,000 less than in October 2018.

By comparison, former owner-occupiers paid £1,565,000 on average in October – 34.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Kensington and Chelsea in October – they increased 6.1%, to £1,148,403 on average. Over the last year, prices dropped by 3.1%.

Among other types of property:

Detached: up 3.9% monthly; down 6.1% annually; £3,875,616 average
Semi-detached: up 4.7% monthly; down 4.2% annually; £4,054,049 average
Terraced: up 5.5% monthly; down 3.9% annually; £2,678,799 average

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 October. The average price paid would buy 11.8 homes in Burnley (£114,000), at the other end of the scale.

Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

Factfile

Average property price in October

Kensington and Chelsea: £1,352,475
London:£515,504
UK: £287,782

Annual change to October

Kensington and Chelsea: -3.4%
London: -3.6%
UK: -1.2%

Highest and lowest annual growth in London

Richmond: +5.4%
Hammersmith and Fulham: -9.9%