We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > House values in Central London fall by 22 per cent

House values in Central London fall by 22 per cent

6th June 2015 | Published by Evolution Money

House-and-coins-250x166House prices in the most expensive areas of the capital have fallen by as much 22 per cent since last autumn, according to property services group, LSL.

The group said that property values in Westminster were down by 22 per cent from their peak last November whilst Kensington and Chelsea has seen falls of 16 per cent.

LSL said that the downward turn in prices was due to the new stamp duty regulations, introduced in December 2014, penalising the most expensive homes. In Kensington and Chelsea, the average bill for stamp duty is £118,000 alone.

Director of Your Move and Reed Rains estate agencies, both part of the LSL group, Adrian Gill, said that activity across the housing market has cooled due to the decrease in the number of high end properties being bought and sold. In fact, the number of properties going onto the market fell by 16 per cent in the twelve months to April 2015. According to a recent survey by the Royal Institute of Chartered Surveyors (RICS), there are fewer properties per surveyor than there has been for at least 37 years. Its survey suggested that prices could continue to rise by as much as 25 per cent during the next five years because of the depleted housing stock.

Beyond Central London
House prices in the suburbs of London and all other parts of England and Wales have continued to rise, however, the LSL says.

It says that prices have risen by 4.5 per cent across the UK, taking the average cost of a property to £277,178. Rutland, the UK’s smallest county, saw rises of 23.8 per cent in the year to April 2015, while prices in Carmarthenshire in Wales went up by 16.4 per cent.

The rise outside of the capital is, in part, fueled by the drop in stamp duty on properties worth less than £937,000.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution