Kensington and Chelsea house prices dropped in April

By Sonja Tutty, Data Reporter
Published 21st Jun 2023, 14:06 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 dropped by 3.9% in Kensington and Chelsea in April, new figures show.

House prices dropped by 3.9% in Kensington and Chelsea in April, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 15.8% annual decline – the worst in the UK.

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The average Kensington and Chelsea house price in April was £1,275,716, Land Registry figures show – a 3.9% decrease on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, and Kensington and Chelsea was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea fell by £239,000 – putting the area bottom of the UK’s local authorities for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 10%, to £511,000.

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First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,096,000 on their property – £202,000 less than a year ago, and £62,000 less than in April 2018.

By comparison, former owner-occupiers paid £1,474,000 on average in April – 34.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Kensington and Chelsea in April – they dropped 5% in price, to £2,500,133 on average. Over the last year, prices dropped by 16.9%.

Among other types of property:

  • Detached: down 4.4% monthly; down 16.5% annually; £3,704,238 average
  • Semi-detached: down 4.4% monthly; down 16% annually; £3,832,825 average
  • Flats: down 3.6% monthly; down 15.4% annually; £1,086,610 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 April. The average price paid would buy 11.1 homes in Burnley (£115,000), 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 £286,000.

Factfile

Average property price in April

  • Kensington and Chelsea: £1,275,716
  • London:£533,687
  • UK: £286,489

Annual change to April

  • Kensington and Chelsea: -15.8%
  • London: +2.4%
  • UK: +3.5%

Highest and lowest annual growth in London

  • Tower Hamlets: +10%
  • Kensington and Chelsea: -15.8%