A new analysis of London neighbourhoods suggests some prices are falling by as much as 19% in a year.
The analysis looks at house price change from April 2023 through to April 2024, in 20 of London’s most famous neighbourhoods to see how the capital’s iconic locations are performing under recent market conditions.
In the past year alone, London’s overall average house price has dropped from £524,599 in 2023 to £517,726; a decline of -1.3%.
Across the 20 neighbourhoods analysed, the average house price has fallen by -7.4%, from £1.1m to around £1m.
Belgravia, situated between Chelsea and Westminster, has in the past year seen its housing market prices plummeting by -19.1%, down from £1.3m in 2023 to less than £1.1m today.
Mayfair has seen prices drop by -16.7% in the past year to settle at a current average of £1.5m. Knightsbridge isn’t faring much better, with annual drops of -16.5%, while Marylebone (-15.9%), Chelsea (-15.2%), and South Kensington (-11.5%) have all endured double digit drops.
While the vast majority of these famous neighbourhoods have seen prices fall on the year, four have actually enjoyed a boost in values.
Dulwich, has seen its average house price climb from £642,078 in 2023 to £717,120 in 2024, a healthy boost of 11.7%. Richmond house prices are up 4.9% on the year. Meanwhile, Chiswick and Highgate have seen prices increase by 3% and 1.9% respectively.
A spokesperson for Yopa, which conducted the research, says: “London is one of the world’s most iconic cities, and within it there are a number of particularly iconic neighbourhoods that have been eulogised time and time again in films, books, and TV shows. However, while these neighbourhoods may have been immortalised within the media, it hasn’t made them immune to a cooling property market and many have seen a sharp reduction in property values over the last year.
“The prime central heartlands of Belgravia, Mayfair and Knightsbridge have been some of the worst hit, however, with the market now turning a corner, it’s only a matter of time before London’s high end home buyers return to the fold. When they do, these prestigious pockets of the capital’s property markets are likely to bounce back at speed.”