Residential property prices in some of London’s most prestigious boroughs shrank sharply during the pandemic, in stark contrast with strong growth across the rest of the country, official data showed.
In the year to March 2021, the median price in Westminster, the City of London and Kensington and Chelsea fell by an annual rate varying from 2.3 per cent to 14 per cent, according to data published by the Office for National Statistics.
Prices dropped among only a dozen of the 332 local authorities and this contrasts with prices across England and Wales rising by 11 per cent over the same period. More than 80 local authorities, mostly outside London, registered double-digit growth.
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