Home Property House prices are tumbling in London’s iconic neighbourhoods

House prices are tumbling in London’s iconic neighbourhoods

1st May 24 3:47 pm

New data analysis from Yopa, the full-service estate agents, reveals that the housing markets in some of London’s most famous and iconic neighbourhoods are struggling, with prices dropping by up to -19% in the past year alone.

Yopa has analysed house price change over the past year, from April 2023 through to April 2024, in 20 of London’s most famous neighbourhoods, from Mayfair to Primrose Hill, to see how the capital’s iconic locations are performing under recent market conditions.

The analysis reveals that in the past year alone, London’s overall average house price has dropped from £524,599 in 2023 to £517,726; a decline of -1.3%.

But when it comes to 20 of the capital’s most famous neighbourhoods which have featured in films, television, and literature – from Paddington Bear and One Day, to Bridget Jones and Ted Lasso – the annual price decline is much starker.

Across the 20 neighbourhoods analysed, the average house price has fallen by -7.4%, from £1.1 million to £1 million.

Belgravia, an area of London situated between Chelsea and Westminster, has provided the setting for a number of iconic cultural moments, from Sherlock to Julian Fellowes eponymous novel and television series. But in the past year, its housing market has struggled with local prices plummeting by -19.1%, down from £1.3 million in 2023 to less than £1.1 million today.

Mayfair, an area of London that has inspired too many cultural touchstones to mention, has seen prices drop by -16.7% in the past year to settle at a current average of £1.5 million

Knightsbridge isn’t faring much better, with annual drops of -16.5%, while Marylebone (-15.9%), Chelsea (-15.2%), and South Kensington (-11.5%) have all endured double digit drops.

While the vast majority of these famous neighbourhoods have seen prices fall on the year, four have actually enjoyed a boost in values.

Dulwich, famous for its elite boys school and numerous celebrity residents, has seen its average house price climb from £642,078 in 2023 to £717,120 in 2024, a healthy boost of 11.7%.

Richmond has recently enjoyed a rise to global fame thanks to US TV series, Ted Lasso, and house prices seem to have benefitted as a result, climbing by 4.9% on the year.

Meanwhile, Chiswick and Highgate have seen prices increase by 3% and 1.9% respectively.

CEO of Yopa, Verona Frankish, said, “London is one of the world’s most iconic cities, and within it there are a number of particularly iconic neighbourhoods that have been eulogised time and time again in films, books, and TV shows.

However, while these neighbourhoods may have been immortalised within the media, it hasn’t made them immune to a cooling property market and many have seen a sharp reduction in property values over the last year.

The prime central heartlands of Belgravia, Mayfair and Knightsbridge have been some of the worst hit, however, with the market now turning a corner, it’s only a matter of time before London’s high end home buyers return to the fold.

When they do, these prestigious pockets of the capital’s property markets are likely to bounce back at speed.”

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