Kensington and Chelsea leads fall in London house prices after boom peters out
02-14-2015
by Tim Wallace
Kensington and Chelsea has the most expensive houses at an average of £1.82m (Source: Getty)
London house prices stalled in December, dipping 1.1 per cent on the month, LSL Property Services said today.
The fall does not unwind all of the gains of the boom-period, as prices are still up 13.9 per cent on the year to stand at an average of £576,093.
Kensington and Chelsea has the most expensive houses at an average of £1.82m, but it was among the fastest fallers in December – down seven per cent on the month.
The other big drop came in the borough of Merton, where prices dived 7.3 per cent to an average of £557,699.
Prices are still rising in some parts of the capital. The average property in Brent sold for £503,963 in December, up 3.8 per cent on the year. And those in Kingston rose three per cent to £540,822.
Despite the slowdown, overall prices are set to keep rising.
“The market is temporarily treading water at the higher end, but fast-moving in areas where price growth has been more modest, and where cheaper properties are within reach of new buyers and borrowers who can access Help to Buy,” said Reed Rains estate agents’ Adrian Gill.