House prices on London's top 10 priciest streets fall amid high-end housing slump
10-03-2018
Sebastian McCarthy
Kensington Palace Gardens was crowned London's most expensive street for the second year running (Credit: Adrian Fitch)
House prices in London’s top 10 most expensive streets have all fallen over the last year, in a fresh sign of the slump sweeping the capital's high-end property market.
Property website Zoopla’s 2018 rich list has found that on average more than £4.5m has been wiped off the total average house price from the top 10 priciest streets in the last year.
Prices for London’s most expensive houses have largely dipped in the last 12 months, as a combination of stamp duty and political uncertainty has hindered activity in the high-end parts of the capital’s property market.
In Kensington and Chelsea – a London borough that has become synonymous with luxury houses and millionaire residents – house prices have fallen nearly 14 per cent in the last year.
Recent research carried out for City A.M. by London showed that among the hardest hit prime properties were those on the outskirts of Central London, with house prices in Zone Two areas such as Fulham and Putney falling 5.3 per cent and 3.9 per cent respectively in the last year.
While Kensington Palace Gardens won the title for Britain’s priciest road for the second year running, the average house price tumbled from £35.6m to £34.3m in the last 12 months.
London’s prime hotspots also include Grosvenor Crescent and (£21.7m on average) and Courtney Avenue (£21.0m).
Outside of London, Montrose Gardens in Leatherhead lead the way with average property values of £5.9m.
Meanwhile, the South East had the highest volume of houses worth over £1m (37.5 per cent), with Greater London following closely behind (33.8 per cent).