Kensington and Chelsea house prices increased in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased by 1.5% in Kensington and Chelsea in June, new figures show.

But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline.

The average Kensington and Chelsea house price in June was £1,239,830.619, Land Registry figures show – a 1.5% increase on May.

Over the month, the picture was less good than that across London, where prices increased 2.5322733%, and Kensington and Chelsea underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea remained level – putting the area 31st among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Kensington and Chelsea in June – they increased 1.6%, to £1,069,405.047 on average– but over the last year, prices dropped by 5.2%.

Among other types of property:

Detached: up 0.8% monthly; down 3.7% annually; £3,384,744.888 averageSemi-detached: up 0.6% monthly; down 2.3% annually; £3,475,646.176 averageTerraced: up 1.2% monthly; down 3.7% annually; £2,350,308.541 average

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,074,000 on their property – £56,000 less than a year ago, and £15,000 less than in June 2016.

By comparison, former owner-occupiers paid £1,418,000 on average in June – 32.1% 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 June. The average price paid would buy 12.5 homes in Burnley (average £99,000) – the cheapest area in the UK.

Across London, property prices are high compared to those across the UK, where the average cost £266,000.

Factfile

Average property price in June

Kensington and Chelsea: £1,239,830.619London:£510,298.6011UK: £265,668.1787

Annual change to June

Kensington and Chelsea: -4.8%London: +6.3%UK: +13.2%

Best and worst annual growth in London

Harrow: +16.7%City of London: -13.2%