Kensington and Chelsea house prices leapt 5.6% in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices leapt by 5.6% in Kensington and Chelsea in March, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 20.3% annual growth – the highest in London.

The average Kensington and Chelsea house price in March was £1,451,567, Land Registry figures show – a 5.6% increase on February.

Over the month, the picture was better than that across London, where prices decreased 0.9%, and Kensington and Chelsea outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea rose by £245,000 – putting the area top among London’s 33 local authorities with price data for annual growth.

At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Kensington and Chelsea in March – they increased 7.5%, to £4,122,530 on average. Over the last year, prices rose by 25.9%.

Among other types of property:

Semi-detached: up 7.4% monthly; up 24.8% annually; £4,224,341 averageTerraced: up 6.7% monthly; up 23.1% annually; £2,807,121 averageFlats: up 5.3% monthly; up 19.3% annually; £1,242,960 average

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,251,000 on their property – £207,000 more than a year ago, and £45,000 more than in March 2017.

By comparison, former owner-occupiers paid £1,670,000 on average in March – 33.5% 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 March. The average price paid would buy 13.1 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 £278,000.

Factfile

Average property price in March

Kensington and Chelsea: £1,451,567London:£523,666UK: £278,436

Annual growth to March

Kensington and Chelsea: +20.3%London: +4.8%UK: +9.8%

Best and worst annual growth in London

Kensington and Chelsea: +20.3%Lewisham: -0.5%