Homeowners in some of central London’s wealthiest areas are now feeling the full effect of the decline in property prices, data published by the Land Registry yesterday showed.
In September, house prices in Kensington and Chelsea – which had been steadily rising at an annualised rate of 33.5% a year ago – fell by 2%, having fallen by 1.1% the previous month.
Meanwhile, house prices in Islington fell by 1% in September from August, and those in Greenwich have fallen by 1.7% over the month.
House prices within the City of Westminster, which includes Mayfair, fell by a more modest 0.8%.
Many of the areas now showing declines are those that have been home to high-flying financiers whose careers may be in doubt as leading financial firms cut back on staff.
Overall, the Land Registry data show, prices of homes in England and Wales have fallen by 8% year on year, losing 2.2% in value in September alone. August price declines have been revised to 2.3%, from the 1.9% reported initially.