Kensington house prices ride the storm

Jun 11th, 2008 | By | Category: Featured London Article

Whilst the UK suffers worrying if not totally unexpected property value falls, some parts of London have have actually increased albeit by  smaller amounts than usual.

The borough with the highest monthly price increase in April 2008 is Kensington and Chelsea with a rise of 1 per cent. In contrast, Wandsworth experienced the most significant monthly price fall during April, with a fall of -0.8 per cent. Overall, London’s monthly price change is -0.5 per cent for April.

Kensington may be fairly immune to property decreases due to the higher number of overseas owners and investors who are either prepared to ride out the current price decline or have their properties under rental agreements and so continue to have a good income as more people rent than buy.

What will be almost certainly absent at the end of 2008 will be the historical jump in Kensington and Chelsea prices due to city bonuses prompting purchases of batchelor pads.

Oh Dear !

 

 

 

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3 comments
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  1. I thought overseas owners have been put off by the non-domicile tax ?

    If you can afford a flat in Kensington or Chelsea you’re buying in one of the most expensive areas in the country, if not the world.

  2. Good blog.

    My understanding of the borough is that ‘good’ properties are going for at or near asking price whereas those with minor problems are struggling to shift.

  3. Kensington will always be a bastion of rock solid house prices. There is so much “old money” there who have no intentions of seeling.
    Also you have the influx of new rich Indians, Russians, Chinese and East Europeans

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