Kensington and Chelsea Asking Prices Drop £95,000 in a Month as London Supply Hits 16-Year High
Updated
Updated · The Guardian · Aug 17
Kensington and Chelsea Asking Prices Drop £95,000 in a Month as London Supply Hits 16-Year High
3 articles · Updated · The Guardian · Aug 17
Summary
£95,000 was cut from the average newly listed home in Kensington and Chelsea over the past month, taking the borough’s asking price to £1,552,970.
Rightmove said the drop reflects a cooling market and fierce seller competition, with London newly listed prices down 4.4% in a month and UK asking prices down 2%—the biggest August fall in eight years.
Higher mortgage rates, Middle East-driven economic pressure and stretched affordability have kept demand weak, with RICS calling July’s market subdued and lenders reporting flat to barely rising prices.
Hamptons said weaker conditions are strengthening investor buyers: landlords made 14.1% of July purchases, paid an average 88.7% of asking price, and 27% of their offers at least 10% below asking were accepted.
Leasehold flats remain a particular drag, with Hamptons saying 41% of deep-discount investor offers on leaseholds were accepted and Zoopla finding most leasehold flats listed in 2025 had not sold within six months.