Central parts of London witness dramatic property price decreases

Westminster witnessed a 20% drop in the value of flats in a recent one year period.

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00:00House prices across the country rose in May. Property values increased by 0.5% last month

00:12after a 0.6% fall in April. Over the last year, many parts of London have seen up to a 9% rise

00:21despite challenging conditions for the local property market and an exodus of first-time buyers

00:30looking elsewhere for more affordable options. Outer boroughs such as Lewisham, Redbridge and Havering

00:39have witnessed an 8% to 9% rise in the last year. However, traditionally more affluent areas in

00:46central London have seen dramatic decreases in property values. Kensington and Chelsea

00:54has witnessed a 15% decrease in the last year, but perhaps even more remarkable in a 12-month period

01:04between March 2024 and March 2025, Westminster witnessed a 20% drop in the average value of

01:14flats. Take a look at this graph which shows how that year-long period affected different property

01:22types in the borough. Flats have been the most affected, witnessing a 20.2% fall. Semi-detached

01:31properties in the area have been the most resilient with a 16.5% drop. Similar trends have been witnessed

01:41in Islington, which saw an 8% drop.