One of the UK’s wealthiest homeowners has just seen an eye-watering £13m fallen off the value of their property, all within a year! With Brexit uncertainty and recent tax changes shows vast fall in the value of homes – property rich list, no more.
According to Zoopla’s new research, Kensington Palace Gardens in west London tops the list of the most expensive streets in Britain, with an average property value of £35.7m – although that is £2.5m less than this time last year when the figure was £38.3m. In 2015 a typical property on the street was worth £42.6m – which reflects a near-£7m decline in just over two years.
However, the ultra-wealthy owners of homes in the Boltons, two miles south, have had a much tougher time… Zoopla stated the average value of a property on the street in South Kensington had plummeted from £33.3m this time last year to just under £20m now.
Other roads in the area, such as Manresa Road in Chelsea, had smaller falls, and a few increased in value over the year.
Other surveys have also reported sharp falls in some of the capital’s most expensive boroughs. Last month the property site Rightmove said the average asking price of a newly marketed home in Kensington and Chelsea fell by £308,000 between August and September.
Rightmove described the slump in the high-end central London market as a “readjustment”, and quoted an estate agent saying that, since the introduction of the 3% surcharge on stamp duty paid by investors, along with the uncertainty over how Brexit would pan out, “investors have been standing on the sidelines.”
Zoopla stated there were now 14,417 streets in Britain where the average property value is £1m or more – up from 12,418 in 2016. Of those, 5,899 are in Greater London. The Yorkshire and the Humber region has 77 £1m streets, north-east England has 45 and Wales has 11.
In line with this trend, 19 of the 20 towns with the highest number of £1m-plus streets are in southern England. Guildford in Surrey takes the top spot with 204, with Reading in Berkshire in second place with 187.