Kensington and Chelsea house prices leapt 8.4% in July

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices leapt by 8.4% in Kensington and Chelsea in July, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.7% annual growth.

The average Kensington and Chelsea house price in July was £1,332,496, Land Registry figures show – an 8.4% increase on June.

Over the month, the picture was better than that across London, where prices decreased 2%, and Kensington and Chelsea outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Kensington and Chelsea rose by £9,800 – putting the area 26th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Kensington and Chelsea in July – they increased 8.8%, to £1,152,520 on average. Over the last year, prices rose by 0.3%.

Among other types of property:

Detached: up 6.3% monthly; up 2.9% annually; £3,601,512 averageSemi-detached: up 6.8% monthly; up 3.1% annually; £3,695,994 averageTerraced: up 7.2% monthly; up 2.3% annually; £2,506,646 average

First steps on the property ladder

First-time buyers in Kensington and Chelsea spent an average of £1,154,200 on their property – £5,800 more than a year ago, and £80,400 more than in July 2016.

By comparison, former owner-occupiers paid £1,524,700 on average in July – 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 July. The average price paid would buy 13.2 homes in Burnley (average £101,000) – the cheapest area in the UK.

Across London, property prices are high compared to those across the UK, where the average cost £256,000.

Factfile

Average property price in July

Kensington and Chelsea: £1,332,496London:£494,673UK: £255,535

Annual growth to July

Kensington and Chelsea: +0.7%London: +2.2%UK: +8%

Best and worst annual growth in London

Enfield: +12.7%City of London: -10.4%