Millions of pounds have been wiped off the value of some of London’s most exclusive properties.
While the super-upmarket Kensington Palace Gardens remains the country’s priciest address, home owners there have felt the full impact of Brexit and tax changes.
According to online property site Zoopla, the price of an average property in that area of W8 is £35,696,711 – but that is down £2.5m on a year ago and a whopping £7m lower since 2015.
And those living just a couple of miles away in The Boltons, in the SW10 postcode, have seen values fall even more sharply.
While the average property in The Boltons can still command £19,858,239, that is down more than £13m on a year ago, Zoopla figures showed.
That saw The Boltons fall to fourth in the “property rich list”, behind Grosvenor Crescent in the SW1X postcode of London, with an average property value of £21,984,033.
Highest value streets
|1||Kensington Palace Gardens, London W8||£34,652,895|
|2||Grosvenor Crescent, London SW1X||£22,921,417|
|3||Courtenay Avenue, London N6||£19,810,872|
|4||The Boltons, London SW10||£19,485,144|
|5||Ilchester Place, London W14||£15,172,225|
|6||Compton Avenue, London N6||£13,769,021|
|7||Manresa Road, London SW3||£12,582,379|
|8||Cottesmore Gardens, London W8||£11,656,523|
|9||Albemarle Street, London W1S||£11,406,800|
|10||Chester Square, London SW1W||£10,630,003|
The fall in prime London property prices is in contrast to a housing market seemingly continuing to perform strongly.
There are now 14,417 streets where the average property value is £1 million or over, up from 12,418 in 2016, Zoopla has found.
Zoopla said 94.2% of streets with £1 million-plus price tag are located in southern England.
Excluding London, Guildford in Surrey has the largest quantity of expensive streets – 204 have an average property value of £1 million or more, according to its property “rich list”.
Highest value towns
|1||Virginia Water, Surrey||£1,424,747|
|6||Chalfont St. Giles, Buckinghamshire||£1,066,511|
|9||Gerrards Cross, Buckinghamshire||£943,950|
Lawrence Hall, a spokesman for Zoopla, said: “Despite London’s property market cooling over the past year, it’s no surprise that the capital’s most exclusive boroughs continue to dominate the list.
“This is partly thanks to some incredibly luxurious properties benefiting from unbeatable locations near the heart of the city.”
Of the total £1 million streets in Britain, 5,899 are in Greater London, 109 are in Scotland and just 11 are in Wales.
Commuter towns in Surrey, Buckinghamshire and Hertfordshire dominate the highest value towns league table.
Virginia Water in Surrey, with an average price of more than £1.4m, is top, but Esher, Cobham, Beaconsfield and Weybridge also appear.
Last week, Nationwide reported the first fall in London property prices year-on-year since the the financial crisis of 2008-9.
And, Savills also said that values across central London were down 3% in the first nine months of the year and 15% down on three years ago.
Experts have pointed to the general economic uncertainty created since the Brexit vote of June 2016 for depressing the housing market.
The high end of the sector has also been hit by changes to stamp duty which saw buyers face a 10% duty on homes costing up to £1.5million and 12% above that.