The Chelsea and Kensington area of London has seen the biggest increase, 16% in house prices in the whole of the UK and London, compared to last year. The figures, from the Land Registry, show that London house price increases outstrip anywhere else in the country.
The findings show that on average Britain’s house prices have increase by 1.1% with the average house price at £161,000. The capital’s average house price was £365,000 and the average house price in Chelsea and Kensington is £1.1m.
Westminster has seen a similar increase, with house prices up 15% compared to last year. Areas such as Yorkshire and the East Midlands have seen house prices fall.
“The statistics don’t surprise me as Chelsea has always been affluent. Although with house prices here already extremely high I dread to think what they might be in 10 years time” said Chelsea resident Recruitment Consultant Cameron Weir.
The high house price increase in wealthier parts of London is thought to be driven by an influx of foreigners seeking safe investment for their money.