London's ‘Millionaire Club’ boroughs see a drop in house asking prices

Homes in London boroughs of the rich and famous are seeing a drop in asking prices, thanks to the summer lull.

Asking prices in the capital fell 2.8% from July to an average £501,067, according to research by Rightmove.co.uk.

Homes in the boroughs of Kensington, Camden and Westminster, where average values exceed £1m, saw a drop of £90,000 in asking prices.

Camden saw a 6.9% drop, the biggest in the capital. Asking prices in Kensington and Chelsea fell 4.7% or £110,000 making the average home price £2.23m.

Miles Shipside, director, Rightmove, said: “A holiday-season price dip is the norm in August.  It’s “down-time rather than a downturn. The top-end market remains buoyant, but they’re currently busy bobbing about on their yachts.”

Across the UK, asking prices decreased by 1.8% month-on-month to £249,199 on average. However, prices are still £20,000 higher than at the start of 2013 because of a string of price increases over the last seven months.

 “The underlying recovery in the housing market continues,” Shipside said. “Demand is already on the up, and that’s before the roll-out of phase two of Help to Buy. It is now critical that the supply of property improves so that the goal of a significant increase in transaction numbers is not overshadowed by an unsustainable boom in property prices.”

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