Belgravia luxury homes price drop

January 7, 2016

The median selling price of luxury homes in the London postcode of SW1 which includes Belgravia have fallen by more than 20% in the year up to November 2015 as rising taxes start to bite.

According to analysis by Bloomberg of Land Registry data, the London postcode SW1 has seen the the biggest slump in sale prices in London during this period. The median sale price in the postcode fell to about £928,000 in November and the number of homes sold fell almost 75% to 15.

Luxury-home values in London are expected to remain flat or even drop this year as Russian and Chinese buyers disappear and low oil prices affected demand from the Middle East.

According to Knight Frank LLP, Russians bought 4.2% of the homes that were sold in central London’s best districts during the third quarter, down from 10% a year earlier, Chinese buyers acquired 11% of homes sold from January to November last year, compared with 10.5% in the same period in 2014.

This is not the first time we have seen such news, back in October 2015 the London-focused estate agent Foxtons said high prices and stamp duty changes resulted in house purchases in the centre of the capital falling to record lows.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Housing market trends highlight a changing landscape

The housing market has seen many challenges across the year to date and, in many ways, the property landscape has been a year of two extremes already.   At the start of the year, there was a quiet but optimistic consumer confidence in the air.   However, with the global economy impacting almost every aspect…
Read More →
Breaking News

Mortgage rate rises loom as major lenders reprice

Major lenders have moved to increase mortgage rates to catch up with recent rises to swap rates, according to Moneyfactscompare.co.uk analysis.   Over the coming days, more lenders are expected to review mortgage rates in response to higher swap rates, with HSBC and NatWest so far the biggest banks to increase rates since the start…
Read More →
Breaking News

Average house price edged down in August

House prices in August 2026 were -0.4% lower compared to the same month a year earlier.   Average house price edged down in August as market remains subdued • House prices fell slightly in August ( -0.2%), following a -0.1% decrease in July • Average property price now £298,468 compared with £299,153 in July •…
Read More →
Estate Agent Talk

A derelict property will still set you back £240,000

The latest data from LandSale, the property portal dedicated to land and rural property, reveals that buyers looking to breathe new life into a derelict property could face an asking price as high as £237,500 on average, highlighting the substantial value still attached to redevelopment opportunities across Britain.   Britain continues to struggle with a severe…
Read More →
Estate Agent Talk

Selling an Inherited Property in Scotland: A Clear Guide

Selling an inherited property in Scotland can begin only once confirmation, the Scottish equivalent of probate, has been granted by the court. Until that legal authority is in place, the executor cannot complete a sale, so grasping the sequence early saves later frustration. Families who would rather not manage a long marketing process sometimes approach…
Read More →
Breaking News

Breaking Property News 3/9/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   The imminent interest rate hike is going to be a real reckoner for property   When interest rates rise again, Britain’s housing market will discover what it is really worth   Thought Leadership by Andrew Stanton CEO Proptech-PR For more than a decade, Britain’s housing…
Read More →