House prices in Kensington and Chelsea fell by almost £160,000 ($210,000) in the year to September, as the capital’s housing market reels from expected tax hikes in the Labour government budget next week.
The Office for National Statistics said Wednesday that prices of sold homes in the largely-affluent borough, known as K&C, dropped 11.3%, alongside a 14.4% plunge in Westminster. House prices in the two boroughs combined are above £1 million on average.