A luxury property developer has collapsed into administration as UK house prices fall at the fastest rate for August in almost a decade.
London Richmond Limited announced that it had appointed administrators last week (August 12), according to an official notice in the public record.
On their now-deleted website, London Richmond describes itself as a “boutique” real estate developer “focusing on the finer areas of the UK’s capital city”.
The company boasted a portfolio of luxury properties in the capital’s most upmarket locations, including South Kensington and West Hampstead.
The official administration notice states that their registered office had been based in The Shard, London.
Andrew Hook, Julie Anne Palmer, and Paul Wood, all of BTG Begbies Traynor, have been appointed as joint administrators of the business.
Administration occurs when a business can no longer meet its debt obligations.
A licensed insolvency practitioner is appointed to either restructure the business and come to an arrangement with creditors or to sell off assets, pay off debts, and liquidate the business.
It gives the business breathing space to turn things around, rather than going straight into liquidation.
The administration news comes as Rightmove revealed that UK house prices have fallen at their fastest rate for August in eight years.
Rightmove says the average asking price for a newly listed home on its website dropped by 2% in August to £364,999.
The property experts also revealed that average asking prices are now 1% lower compared to this time last year – which is the largest annual drop since 2023.
The capital’s housing market is the worst affected, as the average house price in London fell by 3.1% compared to August 2025.
Recommended reading:
That means house prices in some of the capital’s richest areas have fallen by nearly £100,000 in just a month.
Despite the drop in prices, Rightmove revealed there was a mini bounce in buyer demand, which increased by 5% after Andy Burnham was appointed as Prime Minister on July 20.
Have any businesses falling into administration affected you recently? Tell us in the comments below.
