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
Prices across the
city rose just 0.1% on the month to an average £606 780 the groups said in a report on Tuesday. That left the annual
gain at 1.5%, 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% on
the month, while the least expensive 11 recorded a 0.4%
increase, Acadata and LSL said.
Kensington and Chelsea, the capital’s costliest borough with an
average property price of about £2m, led the declines with a
2.6% 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% from February to an average of £301 280, 3.3% 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%:
Frognal, Hampstead, NW3: 34% reduction
The 696-square-metre mansion is now being offered
at £9.9m, compared with an initial asking price of about
£14.9m. The property has a cinema, a swimming pool, jacuzzi
hot tub, gym and a hydraulically operated car-port.
Park Hill, Ealing, W5: 22% reduction
The vendor of this eight-bedroom property is now seeking £3.9m after originally offering the home for £5m,
according to broker Fine & Country. With good links to Heathrow
airport, it has a garden with an outdoor heated swimming pool and three
Cadogan Gardens, SW3: 18% reduction
This refurbished seven-bedroom family house in Chelsea has been
reduced to £13.2m from its initial £16m 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
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 £11.9m, compared to £13.5m 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 £11m, reduced from £13.95m earlier.
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