London’s house price growth at 5-year low as luxury end slumps
london — London home values grew at their slowest annual rate in almost five years in February as values in the capital’s most expensive boroughs including Camden and Kensington and Chelsea fell, according to Acadata and LSL Property Services.
Prices across the city rose just 0.1 per cent on the month to an average £606,780 ($760,000), the groups said in a report on Tuesday. That left the annual gain at 1.5 per cent, the weakest reading since April 2012.
The data add to evidence that London’s housing market is increasingly split along value lines, with the capital’s most expensive areas posting declines and the lowest-priced gaining. In February, the city’s top 11 boroughs by value saw prices fall by an average of 0.5 per cent on the month, while the least expensive 11 recorded a 0.4 per cent increase, Acadata and LSL said.
Kensington and Chelsea, the capital’s costliest borough with an average property price of about £2 million, led the declines with a 2.6 per cent drop as the tentative recovery at the top-end of the London market “appears to have fizzled out,” the report said.
According to national data for March, prices in England and Wales rose 0.5 per cent from February to an average of £301,280, 3.3 per cent higher than a year earlier, the report showed.
With predictions that prices will fall in London in 2017, here are five properties that recently cut their asking prices by more than 10 per cent:
Frognal, Hampstead, NW3: 34 per cent reduction. The 7,500-square-foot (696-squaremetre) mansion is now being offered at £9.9 million, compared with an initial asking price of about £14.9 million. The property has a cinema, a swimming pool, jacuzzi hot tub, gym and a hydraulically operated car-port. Agent: James Pink Properties.
Park Hill, Ealing, W5: 22 per cent reduction. The vendor of this eight-bedroom property is now seeking £3.9 million after originally offering the home for £5 million, according to broker Fine & Country. With good links to Heathrow airport, it has a garden with an outdoor heated swimming pool and three reception rooms. Agent: Fine & Country Ltd.
Cadogan Gardens, SW3: 18 per cent reduction. This refurbished seven-bedroom family house in Chelsea has been reduced to £13.2 million from its initial £16 million asking price, according to broker Henry & James. It has two terraces, a private patio and access to a private rear garden, as well as staff accommodation. Agent: Henry & James.
Atrium House, Denewood Road, N6: 12 per cent reduction.
This contemporary home has 9,200 square feet of living space including a cinema, gym, steam room, swimming pool and a wine cellar. The house also has guest and staff accommodation. The broker is now seeking £11.9 million, compared to £13.5 million earlier. Agent: Glentree.
Winnington Road, N2: 21 per cent reduction. The 0.75-acre site has planning approval for a new mansion of 20,246 square-foot, which is more than 20 times the size of the average new three-bedroom home in England. With views over Hampstead Golf Course, the plot is available for £11 million, reduced from £13.95 million earlier. Agent: Glentree. — Bloomberg