House prices in Chelsea have fallen by 10 per cent this year

Helen Cahill
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London From The Air
Stamp duty changes and Brexit uncertainty have been weighing on the property market (Source: Getty)

House prices in Chelsea have fallen by 9.8 per cent annually, according to Knight Frank.

Overall, prices for high-end homes in central London fell by 2.6 per cent in September, the estate agents said.

Read more: House prices under threat in Tower Hamlets due to rapid building and Brexit

There were marked regional differences in prices for prime properties. In Hyde Park and Notting Hill prices fell by 7.5 per cent and 5.3 per cent respectively, but in Islington, prices went up by 3.6 per cent.

"Stamp duty remains a decidedly bigger influence on the market than the EU referendum and in some instances the uncertainty surrounding Brexit has been a catalyst for overdue price reductions," said Tom Bill, head of residential research at Knight Frank.

Properties are also taking longer to shift, with the average number of days a house stays on the market increasing 14 per cent between January and August this year as compared to the same period last year.

Read more: How a 24/7 Tube service could alleviate the housing crisis

Bill said this was "a sign that some buyers remain cautious".

Rental values are also falling on high-end homes in London. In September, rental values for prime central London properties fell by 4.7 per cent year-on-year.

As with sales values, rents were hit particularly hard in Chelsea, falling by 8.3 per cent annually. In Marylebone, rents fell by as much as 9.9 per cent. In King's Cross and the City Fringe, rents were up by 1.9 per cent and one per cent respectively.

House prices after Brexit: a short history

  1. In June, RICS predicted house prices would drop for the first time since 2012
  2. Rightmove report house prices fell by 0.2 per cent in June
  3. Brexit vote, everyone wants to know what will happen to house prices, so we asked the experts
  4. FTSE 100-listed housebuilder shares take a tumble
  5. Data from Halifax shows house prices fell after the Brexit vote
  6. Mortgage approvals fell to an 18-month low in July
  7. Nationwide reports house prices went up again in August
  8. Rightmove reports house prices rebounded in September after the Brexit vote

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