Property values in Belgravia jump 176% in 2015

Written on 1 March 2016 by Alistair Boscawen in Property News

Median property values in the SW1X postcode, which covers Belgravia, Knightsbridge, Westminster, jumped 176% in 2015 from £2.1m to £5.8m thanks to the £17m sale of a flat at One Hyde Park. 

This is 162.1% higher than the annual growth rate of property values in the rest of London, which the Land Registry house price index puts at 13.9%.

best_gapp_officeA home in London now costs an average of £530,409, compared with just £191,812 in the rest of England and Wales.

The Land Registry – the official body that records the sold price of every property in England and Wales – also reveals the Crossrail effect, with prices in Reading rising 16.1% to £270,146.

Elsewhere in the UK, property prices in south-west England rose 6.2% over 2015 to take the average price of a home there to £220,532 – £46,071 less than homes in south-east England, which rose in value by 10.7%.

In north-east England property prices inched up just 0.2% in 2015, while prices in the north west grew by 2.1% to £114,504.

However, the chief executive of a property finance firm warns the UK’s possible exit from the European Union could affect property prices, but the slowdown of the Chinese economy and a possible rise in interest rates are greater concerns.

Writing in City AM, Oblix Capital’s Rishi Patel says no one knows for sure how a Brexit would affect the UK economy.

In the shorter term, he says the uncertainty as to which way the British public will vote in the upcoming referendum is most likely to cause investment levels in property “to come off the boil”.

If the UK does leave the EU, it’s likely property values in prime areas of London will be hit the hardest in the short term, Mr Patel adds. “But the rest of the UK will feel the pain too.”

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Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen


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