London House-Price Growth at Five-Year Low as Luxury Sector Slumps
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 Plc.
Prices across the city rose just 0.1 percent on the month to an average 606,780 pounds ($760,000), the groups said in a report on Tuesday. That left the annual gain at 1.5 percent, 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 percent on the month, while the least expensive 11 recorded a 0.4 percent increase, Acadata and LSL said.
Kensington and Chelsea, the capital’s costliest borough with an average property price of about 2 million pounds, led the declines with a 2.6 percent 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 percent from February to an average of 301,280 pounds, 3.3 percent higher than a year earlier, the report showed. Greater London has fallen from first to ninth for home price growth among regions in England and Wales from nine months earlier.
With predictions that prices will fall in London in 2017, here are five properties that recently cut their asking prices by more than 10 percent:
Frognal, Hampstead, NW3: 16% reduction
The 7,500-square-foot (696-square-meter) mansion is now being offered at 9.9 million pounds, compared with an initial asking price of about 11.95 million pounds. 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% reduction
The vendor of this eight-bedroom property is now seeking 3.9 million pounds after originally offering the home for 5 million pounds, 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% reduction
This refurbished seven-bedroom family house in Chelsea has been reduced to 13.2 million pounds from its initial 16 million pounds 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% 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 pounds, compared to 13.5 million pounds earlier.
Winnington Road, N2: 21% 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 pounds, reduced from 13.95 million pounds earlier.