The prices of Kinsington and Chelsea’s home decrease to the lowest level since 2013

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House prices in Kinsington and Chelsea have decreased to their lowest levels since 2013, which emphasized poor performance in primary property in London due to high property, and uncertainty about tax changes in Britain’s exit from the European Union.

The average price of the most expensive town in the UK decreased by 15.1 percent year on an annual basis in March to 1.19 million pounds, the lowest level since May 2013, according to the analysis of the Financial Times data from National Statistics Office.

In the same month, home prices in the UK increased at an annual rate of 6.4 percent to a record level of 271,000 pounds, which is the fastest annual pace since December 2022.

Local housing data depends on fewer transactions, which leads to more fluctuations and largest reviews, but prices in the wealthy Kinsington and Chelsea have decreased on an annual basis over 30 consecutive months and more than half the time since 2015.

In March, home prices also decreased in other sophisticated locations in the UK capital, including Hammersmith, Fulham, and Westminster, which recorded annual cramps of 13.2 percent and 20.1 percent. In both fields, the decrease lasted for at least 15 months.

Lucian Cook, head of the residential research company at the real estate company, said that the “prolonged bull run” enjoyed by the London Main Market “has already changed in 2014” when the repairs facing the gap seal fees widely in fees between high -end and cheapest properties expanded.

Factors including Britain’s exit from the European Union, the abolition of a non-DOM tax system, the Covid-19s, and the increase in stamp fees on second homes and high interest rates since “played against the market that was mainly dependent on international wealth flows more than necessarily on the cost and availability of local mortgage debts.”

The non-periodic system-which allowed foreign citizens residing in Britain to earn money from abroad without paying the UK tax for this for up to 15 years-before Chancellor Rachel Reeves last year, after her governor’s predecessor Jeremy Hunt said he would cancel it.

ONS said on Wednesday that the end of a temporary conclusion on April 1-which brought back the pre-2022 levels strengthened the prices of national homes in March, especially in the northeast, where the costs jumped at a annual rate of 14.3 per cent.

As of last month, buyers will start for the first time to pay the tax when they buy real estate worth 300,000 pounds or more, a decrease from 425,000 pounds during the holiday. Stamp fees are still on the most expensive real estate, which forms the main London market, unchanged.

Although it was not adjusted to inflation, home prices in local authorities in London decreased from mid -2014 levels in March, but by almost 60 percent in the UK and 33 percent in London in general.

The capital prices were less than the rest of the country during the epidemic, although separate property in the main sites had temporary playgrounds.

Stewart Billy, the head of the London sales in the real estate group Knight Frank, said it was “slow for 10 years in prices, because there was a lower demand” with the conclusion of the conclusion and “International buyers think about what they want to do.”

Billy added that the “massive price flow” in the four years until 2014 was not sustainable in the long run “and” we ended up in a longer declining direction. ”

Through 21 international markets, London and Kuala Lamborning have been the only markets that recorded a decrease in real estate prices in dollars over the past decade, according to R.esearch By savills.

While ons all real estate in every local authority in London, Savills has been based on its research on high -end real estate only. that it analysis Among the main real estate in the capital in the most expensive local authorities, I found the average price of the property in central London by 21.2 percent at its peak in June 2014 in the first three months of this year – equivalent to saving £ 1.2 million on typical property, which now costs about 4.6 million pounds.

Savils expects that home prices in central London will shrink by 4 percent this year.

Richard Donel, Executive Director of Real Estate Consulting at home, said that the continuous growth of homes in the high -end parts of the capital “depends on stronger economic growth and increased internal investment in the London economy.”

“The feelings need improvement” in order to reversible. He added that the long -term stability of the capital in terms of politics, personal security and financial stability means that he still has a “attractiveness and attractiveness” for many international buyers, “We should not get to know that.”