Kensington and Chelsea house prices increased slightly in March

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

House prices increased slightly, by 0.9%, in Kensington and Chelsea in March, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 10.2% annual decline.

The average Kensington and Chelsea house price in March was £1,315,897, Land Registry figures show – a 0.9% increase on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Kensington and Chelsea was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea fell by £149,000 – putting the area 32nd among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,129,000 on their property – £129,000 less than a year ago, and £88,000 less than in March 2018.

By comparison, former owner-occupiers paid £1,522,000 on average in March – 34.7% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Kensington and Chelsea in March – they increased 1.2%, to £1,118,516 on average. Over the last year, prices dropped by 10.3%.

Among other types of property:

Detached: up 0.6% monthly; down 9.5% annually; £3,849,574 average
Semi-detached: up 0.6% monthly; down 9.5% annually; £3,955,707 average
Terraced: up 0% monthly; down 9.8% annually; £2,595,571 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 March. The average price paid would buy 11.9 homes in S12000018 (£110,000), at the other end of the scale.

Across London, property prices are high compared to those across the UK, where the average cost £285,000.

Factfile

Average property price in March

Kensington and Chelsea: £1,315,897
London:£523,325
UK: £285,009

Annual change to March

Kensington and Chelsea: -10.2%
London: +1.5%
UK: +4.1%

Highest and lowest annual growth in London

Tower Hamlets: +11%
Westminster: -17.4%