Why are house prices in London declining?

A sharp decline in house values has hit one of London’s wealthiest boroughs. New data from Zoopla reveals that in 2024, 72 per cent of homes in Kensington and Chelsea saw their value drop by at least one per cent, impacting over 73,000 properties. On average, house prices in the borough fell by over £44,000. Kensington and Chelsea isn’t alone. Coastal towns in Kent and East Sussex were among the worst-hit areas, with some towns seeing less than 10 per cent of their homes increasing in value. #housingmarket #house #london #houseprices #costofliving