U.K. House Prices Climb to Record Even as London Sales Slow (1)

(Bloomberg) -- U.K. house prices climbed to a record last month as a slowdown in London sales was offset by a stronger market in the north of the country, according to a report by Acadata and LSL Property Services Plc.

Prices in England and Wales rose 0.3 percent from April to an average of 303,200 pounds ($386,000), despite the uncertainties of the general election campaign, the groups said in a report published Monday. Prices were up 4.8 percent on an annual basis, the biggest jump since January.

The data underscore the resilience of Britain’s housing market and how it’s increasingly finding momentum outside the high-priced areas of southern England and the capital. The West Midlands and the East of England posted the biggest annual price increases in the three months through April, with both showing gains of 5.1 percent.

In London, the average price of a home rose just 0.1 percent in April to 615,838 pounds, according to the report. Sales for the three months through April were 29 percent lower than in the same period last year.

Some prime areas of London saw a recovery in the market, though, including the two highest-priced boroughs of Kensington and Chelsea -- where the average house price is just shy of 2 million pounds -- and Westminster, according to the report.

Yet some other higher-priced London properties have seen substantial price reductions as the city’s market is buffeted by successive tax increases and the risks posed by Brexit.

Here are five London properties that recently had their asking prices cut by more than 10 percent:

Broadlands Road, Kenwood, N6: 13% reduction

The 7,240 square-foot (672 square-meter) family home is being offered for 6.95 million pounds, down from 7.95 million. It features a south-facing landscaped garden and is close to Highgate Village and its school as well as the open space of Hampstead Heath.

Agent: Glentree

Great Sutton Street, London, EC1: 35% reduction

This central London, 1,789 square-foot penthouse with double-height vaulted ceilings has had its price cut to 1.7 million pounds from 2.6 million pounds. The property is close to the forthcoming Crossrail hub at Farringdon, opening in 2018.

Agent: SellMyHome

Griffins Close, London, N21: 50% reduction

The Tudor-style house is on the market for 999,995 pounds, down from 2 million pounds in January. The property has a large loft, conservatory and studio in a private garden.

Agent: Emoov

Gloucester Terrace, London, W2: 24% reduction

Refurbished three-bedroom flat on the upper two floors of a period conversion, located between Paddington and Bayswater and reduced to 950,000 pounds, from its original listing of 1.25 million pounds. “A combination of increases in stamp-duty charges and, later, Brexit, resulted in a loss of confidence in the central-London market and buyers have become increasingly cautious,” said Indy Perera, a manager at agent Kenwood Estates.

Agent: Kenwood Estates

Wilfred Street, Westminster, SW1E: 20% reduction

This one-bedroom apartment in a Georgian-style house near Buckingham Palace is being offered for 649,000 pounds, down from an earlier asking price of 815,000 pounds.

Agent: Hathaways

(Updates with London-property price cuts from sixth paragraph.)

To contact the reporters on this story: Lucy Meakin in London at lmeakin1@bloomberg.net, Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net.

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Paul Armstrong, Neil Callanan

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