Kensington and Chelsea house prices increased in February

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 1.2% in Kensington and Chelsea in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.5% annual growth.

The average Kensington and Chelsea house price in February was £1,382,760, Land Registry figures show – a 1.2% increase on January.

Over the month, the picture was less good than that across London, where prices increased 2.2%, but Kensington and Chelsea outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea rose by £131,000 – putting the area third among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Kensington and Chelsea in February – they increased 1.6%, to £1,189,804 on average. Over the last year, prices rose by 9.9%.

Among other types of property:

Detached: up 0.3% monthly; up 14.5% annually; £3,856,529 averageSemi-detached: down 0.4% monthly; up 13.2% annually; £3,939,982 averageTerraced: up 0.2% monthly; up 12.2% annually; £2,638,601 average

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,193,000 on their property – £110,000 more than a year ago, but £41,000 less than in February 2017.

By comparison, former owner-occupiers paid £1,588,000 on average in February – 33.1% more than first-time buyers.

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 February. The average price paid would buy 12.3 homes in Burnley (£112,000), at the other end of the scale.

Across London, property prices are high compared to those across the UK, where the average cost £277,000.

Factfile

Average property price in February

Kensington and Chelsea: £1,382,760London:£529,882UK: £276,755

Annual growth to February

Kensington and Chelsea: +10.5%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%