House price drop in royal borough

John Harrison, 37, who works for Foxtons in Sloane Square, said: "I don't think these figures are anything to worry about.

"I'm not sure that they are a true reflection of what is going on in the housing market, because I think the figures haven't been a true reflection of the actual worth of houses.

"There's plenty of estate agents who have been placing a higher value on homes than is necessary to try and kick start the market and to get more business.

"It makes homes seem more desirable, particularly in this area where more expensive homes are almost like a badge of honour.

"These figures are just a truer reflection of homes' values. I think there is actually a shortage of homes on the market at the moment, and I think that maybe now this apparent 'drop' in prices might be the kick-start the market needs.

"Although houses in Kensington and Chelsea will always be desirable whatever the price."

The Rightmove figures, released on Monday (17), showed that the average house price in the borough in April of this year was £1,973,210, and the 4.3% drop seen in the past month was the second largest of all the London boroughs, behind only Newham.

Neighbouring boroughs Westminster and Hammersmith and Fulham also saw large drops in value, of 4.2% and 3.7% respectively.

Miles Shipside, commercial director of Rightmove, said: "Sellers are starting to reduce
their pricing expectations to court the fewer buyers who are able to proceed

"But the number of buyers who can purchase is too low to bring volume back to the housing market. The ugly ducklings in the housing beauty parade will be left on the shelf."