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

More than a third of homes undergo price reduction

The latest research from GetAgent.co.uk has revealed that more than a third (34.4%) of homes sold subject to contract (SSTC) across Britain’s major cities have undergone an asking price reduction, with this figure climbing to more than half in Bournemouth, raising questions over whether sellers, and their agents, are pricing their properties realistically when first…
Read More →
Breaking News

‘Explosion’ in e-signature use at Land Registry spells progress for homebuying reform

The number of e-signatures used at Land Registry has exploded in the latest quarter — jumping more than ten times in just three months to 643, Novus Strategy can reveal. Qualified Electronic Signatures (QES) are a central plank of the revolution unfolding in homebuying because they reduce friction and save time. It’s a combination of…
Read More →
Letting Agent Talk

The Flats Above the Shop Problem

Why residential property hidden inside commercial ownership keeps causing trouble By Adam Hills, Client Services Director, LRG Living Markets Somewhere in many commercial property portfolios sits a small collection of front doors that was never really part of the plan. Many large and small retailers inherit residential property portfolios by default as part of mixed-use…
Read More →
Breaking News

Breaking Property News 2/11/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   April 2027: The date Landlords become data companies   From 6 April 2027 some landlords pay 4% more tax – but a bigger burden is the extra governmental red tape Thought leadership by Olivier Jauniaux Founder of NestLink There was a moment in the 2026 Budget speech…
Read More →
Estate Agent Talk

Buying Alone? What Solo Buyers Need to Know Before Making an Offer on a House

Figures show that solo buyers accounted for 36.9% of Barclays’ mortgage completions in June 2026, as more people chose to step onto the property ladder without a partner beside them. Choosing independence over waiting for a joint purchase has doubled over the last 50+ years, with solo first-time buyers doubling from 15% before 1980 to…
Read More →
Estate Agent Talk

How to Make a New-Build Living Room Feel Less Like a Show Home

An empty new-build living room can be surprisingly difficult to furnish. The walls are freshly painted, the sockets are in place, and there is nothing to remove before decorating begins. Yet once the sofa arrives, the room can still feel unsettled: too bare in some places, awkwardly crowded in others. The answer rarely involves buying…
Read More →