Kensington and Chelsea house prices increased in May

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

House prices increased by 1.8% in Kensington and Chelsea in May, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 13.4% annual decline – the worst in the UK.

The average Kensington and Chelsea house price in May was £1,314,120, Land Registry figures show – a 1.8% increase on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, and Kensington and Chelsea was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Kensington and Chelsea fell by £203,000 – putting the area bottom of the UK’s local authorities for annual growth.

The highest annual growth in the region was in City of London, where property prices increased on average by 24.1%, to £988,000.

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,127,000 on their property – £171,000 less than a year ago, and £10,000 less than in May 2018.

By comparison, former owner-occupiers paid £1,520,000 on average in May – 34.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Kensington and Chelsea in May – they increased 2.6%, to £2,593,884 on average. Over the last year, prices dropped by 14.7%.

Among other types of property:

Detached: up 1.3% monthly; down 15.6% annually; £3,794,678 average
Semi-detached: up 1.6% monthly; down 15% annually; £3,925,657 average
Flats: up 1.5% monthly; down 12.9% annually; £1,117,016 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 May. The average price paid would buy 11.9 homes in Burnley (£111,000), at the other end of the scale.

Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

Factfile

Average property price in May

Kensington and Chelsea: £1,314,120
London:£525,629
UK: £285,861

Annual change to May

Kensington and Chelsea: -13.4%
London: +0.8%
UK: +1.9%

Highest and lowest annual growth in London

City of London: +24.1%
Kensington and Chelsea: -13.4%