In Kensington and Chelsea, the average home cost over £1.1 million in the year to October, marking a decrease of £285,480 per house compared to the previous year.

This equates to a drop of 20.3%, the largest seen by any local authority in the UK.

Hammersmith and Fulham saw the third largest decrease at 10.5% -equivalent to £86,825 per property – after the City of London.