House prices plummeting in London's most expensive boroughs, but going up in the suburbs

Property is getting more expensive in suburbs of London, Manchester and Cardiff, but dropping off in London's most exclusive postcodes

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The Independent Online

Figures from the Land Registry have shown that house prices have fallen dramatically since last autumn in London's most expensive boroughs - while prices have rocketed up in suburban areas across the country.

Kensington and Chelsea, the borough that is itself a byword for wealth and luxury, has seen house prices drop by 16 per cent since September last year.

Further west in Westminster, where you could easily pay millions for a one-bed flat, has seen an even more severe fall - house prices are down by 22 per cent compared to last year.

However, it looks like the time has come for property owners in the UK's suburbs, where property prices are rising considerably.

 

The picturesque, affluent area of Bracknell Forest has enjoyed the highest rise - figures recorded in March show that house prices have gone up by 13.6 per cent in the area when compared to the same time last year.

Many of the areas in the top 10 suburban areas are within commuting distance of London, where prices have always been higher than the rest of the country.

However, things are taking off further North as well. Although it may not be the best news for first-time buyers, it shows that northern cities are doing well.

Trafford, in the south east of Manchester, saw house price rises of 9.2 per cent in the last year.

And in some areas of Wales, too, things are getting more expensive. In Merthyr Tydfil, close to the Welsh cities of Cardiff and Swansea, prices have risen by 11.2 per cent.

Many experts expect average house rises to go up by around five or six per cent this year, due to low interest rates. Even so, all of these areas have gone up well above these predictions.

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