How UK house prices compare with values in prime central London

The garden squares and quiet crescents of Belgravia have contained some of London’s highest value residential property since the area was developed by Thomas Cubitt in the early 19th century.

Jump forward to the start of the 21st century and the average value of a house in Belgravia was £1,402,503 in 2000, according to the Land Registry.

Property owners in prime central London have long been concerned about the value of their homes. This is why Best Gapp reveals the latest UK House Price Index for both the City of Westminster and the Royal Borough of Kensington & Chelsea – the two London boroughs covering Belgravia.

As a leading independent estate agent in Belgravia, Best Gapp is aware the UK House Price Index is not the only measure of local property values.

Unlike the Nationwide House Price Index or the Halifax House Price Index, however, the UK House Price Index uses sales data from the Land Registry and is calculated by the Office for National Statistics.

The UK HPI also takes into account transactions involving cash and mortgages to calculate changes to values compared with the previous month and the same time 12 months earlier.

Here, Best Gapp examines the latest data from the UK HPI for the whole of England, the City of Westminster and the Royal Borough of Kensington & Chelsea.

Average annual price UK: June 2016

Property values in the City of Westminster rose 1.42% between May and June, according to the data for August, which covers transactions that were completed in June. The average price of a home in Westminster now stands at £1,028,617 – 10.77% higher than the figure for June 2015.

Flats and maisonettes in Westminster sold for an average of £969,896 in June – 1.48% more than the average price of £955,721 this type of property sold for in May.

In Kensington & Chelsea, average property values slipped 3.53% between May and June to stand at £1,217,375 – 6.24% down on average values in June 2015. Flats and maisonettes in this royal borough sold for an average of £1,060,570 – 3.34% lower than average sold prices achieved in May.

In the whole of England, the average sale price of a home in June 2016 was £229,383. This is 0.8% higher than the previous month and 9.3% more than average values in June 2015.

The value of homes in prime central London depends on a range of factors, including the type of property, its location and whether it is leasehold or freehold.

For an up to date valuation of your home in Belgravia, Knightsbridge, Mayfair, Westminster or any other area of prime central London that Best Gapp has an in-depth knowledge of, contact us today.

After registering your details, a property expert from Best Gapp will come to your home to provide the most accurate valuation and explain how we will best market your home so it achieves the highest possible sale price.