PropertyInvesting.net: property investment ideas, advice, insights, trends
Propertyinvesting.net: Property Investment ideas, advice, insights, trends

PropertyInvesting.net: Property Investment News

 Property News

more news articles...

House prices slump in west London's most affluent boroughs, as other areas see big rises


08-31-2016

There are only two London boroughs in which house prices are falling - and they're both in west London

House prices have risen by 13% across London in the last year, according to eMoov

Brexit and a decline in foreign investors have been blamed for falling house prices in two of west London's most affluent areas.

Kensington & Chelsea and Hammersmith & Fulham are the only boroughs in the capital where property values have fallen over the last year, according to online estate agent eMoov.co.uk .

In Kensington & Chelsea, nearly £80,000 was wiped off the value of an average house as prices slumped by 6%, while neighbouring Hammersmith & Fulham saw a drop of 3%.

Their fortunes are in sharp contrast to the rest of London, where prices have risen by an average of 13% over the last 12 months - adding nearly £53,000 to the value of a typical property.

Hillingdon recorded one of the biggest rises, with the average house in the borough appreciating by over £59,000 - or 17%.

There were also sharp increases in Brent (16%), Ealing (14%) and Hounslow (12%).

eMoov's figures come just a month after property website Rightmove suggested Hammersmith & Fulham and Kensington & Chelsea were bucking the trend of falling house prices in the capital.

Are changes 'levelling the playing field'?

Russell Quick, founder and CEO of eMoov, ascribed the falling prices to a combination of stamp duty changes, a decline in foreign buyers and the impact of Brexit.

"It comes as no surprise that the only two boroughs to have seen a decrease in values over the last year are two of Londonís prime central boroughs," he said.

"Despite a lot of attempted smoke and mirrors by high street agents in those areas, the decline of London's most prestigious property markets has been evident for a while now.

"The most prominent factors in this decline have been the changes to stamp duty for buy to let and second homes, as well as the reduction of foreign interest in that particular area of London.

"With the capital suffering from an extreme shortage in terms of the supply of housing, some might argue that this might not be a bad thing.

"If this can go some way in levelling the playing field these properties could potentially be bought by someone who will actually use them as they are intended, as houses to live in all year round."

How are house prices changing where you live?*

Borough Average house price 2015 Average house price 2016 Change in value Percentage change
Kensington & Chelsea £1,293, 028 £1,212,375 -£80,653 -6%
Hammersmith & Fulham £770,977 £746,570 -£24,407 -3%
Harrow £401,895 £442,348 £40,453 10%
City of Westminster £928,566 £1,028,617 £100,051 11%
Hounslow £349,265 £389,973 £40,707 12%
Ealing £430,234 £489,987 £59,754 14%
Brent £435,951 £504,644 £68,693 16%
Hillingdon £345,462 £404,502 £59,040 17%
London average £419,474 £472,204 £52,729 13%

* all figures according to eMoov.co.uk

back to top

Site Map | Privacy Policy | Terms & Conditions | Contact Us | ©2018 PropertyInvesting.net