Kensington and Chelsea asking prices tumble nearly £100,000 in a month

In the wealthiest London borough, the average price for homes newly put on the market slipped by just over £95,000 within a month, according to Rightmove. Nationwide, the UK’s average newly listed asking price fell 2% in August, marking the biggest monthly drop for that month in eight years. The decline coincides with a 16-year high in the number of homes for sale in London, intensifying seller competition.

Rightmove’s Colleen Babcock said sellers are adjusting expectations to attract cash-strained buyers. Separate data from Hamptons indicate that investor landlords are capitalising on the slowdown, with many offers coming at least 10% below asking prices and a growing share of those offers being accepted, especially for leasehold flats.