ASKING PRICES IN KENSINGTON AND CHELSEA FALL BY £95,000

The average asking price for newly listed homes in the Royal Borough of Kensington and Chelsea has fallen by approximately £95,000 over one month, according to data from the property website Rightmove. The current average new asking price in Britain's richest borough stands at £1,552,970. Rightmove recorded a national average fall in newly listed asking prices of 2% over the past month, described as the largest August price drop in eight years. Buy-to-let investors have been reported to be successfully negotiating lower prices as sellers face increased competition.

London boroughs have experienced the steepest regional decline, with asking prices falling by 4.4% — approximately £30,000 — over the past month. The Royal Institution of Chartered Surveyors said the UK housing market "remained subdued" in July. Lloyds reported that UK house prices were broadly stagnant last month as prospective buyers were affected by higher mortgage rates and stretched affordability. Nationwide recorded a monthly house price rise of only 0.1%. Rightmove attributed the pressure on sellers partly to summer holidays and heatwaves reducing buyer interest.

The cooling housing market reflects broader economic pressures on buyers, with lenders citing higher mortgage rates and affordability challenges. The data suggests sellers in some areas are making significant reductions to their initial price expectations in an effort to complete sales. These figures represent a shift from earlier market conditions and suggest property values have become more volatile across different regions.