Average house price in Kensington and Chelsea DROPS by more than £178,000

The wealthy borough recorded a decline of 7.2% in house prices in July

Who would’ve thought house prices in Kensington & Chelsea would drop? In July, the average asking price for a home in the London borough fell by £178,000 to £2.29m.

However, in the north-east, prices rose by 2.1% over the month, to £147,251.

According to Rightmove, less popular London areas like Redbridge, Waltham Forest, Hillingdon and Merton, saw prices go up by 15% over the year. However, sought-after areas like Islington, Fulham and Richmond saw a drop in prices.

Over the last year, London recorded the highest rise in house prices (7.8%) while Wales recorded only a 1.7% rise.

In a statement, Rightmove director Miles Shipside said: “Top-end sellers have a propensity to prioritise the more certain excitement of summer holidays over the potential excitement or perhaps disruption of putting their property up for sale at this time of year.

“The fall in inner London is also a likely reflection of the slower market in more expensive areas, with demand moving to outer London boroughs with more affordable prices.”