Asking prices for newly listed homes in UK’s richest borough fall by £100k in one month
Asking prices for homes in London's affluent Kensington and Chelsea borough have dropped by £100,000 in a single month. This decline reflects a broader cooling of the UK housing market, driven by high mortgage rates and economic pressures.
Why it matters
The cooling of the UK's most expensive property market serves as a bellwether for national economic health and the impact of interest rate policies on consumer affordability.
Properties for sale in the borough of Kensington and Chelsea in London have undergone a sharp drop in listed asking prices. Photograph: UCG/Universal Images Group/Getty Images Properties for sale in the borough of Kensington and Chelsea in London have undergone a sharp drop in listed asking prices. Photograph: UCG/Universal Images Group/Getty Images Housing market Asking prices for newly listed homes in UK’s richest borough fall by £100k in one month Fierce competition in some areas of London means landlord purchasers are making successful lowball offers
Prefer the Guardian on Google The average price of a home coming up for sale in Britain’s richest borough has dropped by almost £100,000 in a month as fierce competition among sellers in many areas prompts some to slash their price expectations, data shows.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in