London’s property market consistently ranks amongst the top 10 most expensive housing markets in the world. According to Rightmove, a home in London now costs an average of £664,400 (compared with the average sold price for the country as a whole, which stands at £354,564).
In line with London’s status as one of the globe’s wealthiest cities, it is home to a large number of high net worth individuals. Last year The Guardian reported that one in ten Londoners have assets worth more than £720,000, making them dollar millionaires.
The wealthiest parts of the capital are almost all to the west, with areas such as Knightsbridge, Kensington, Mayfair and Chelsea attracting elite buyers from across the globe. These central London neighbourhoods are blessed with fine properties, low crime rates, upmarket shops, world class cultural venues, excellent transport connections and access to open green spaces.
We look at five London areas that offer exceptional lifestyle benefits to those who can afford to live here.
Average Price: £2,697,280 to £3,100,000*
Annual Change: 39% lower
Most popular property: Flats with average price of £2,492,699
Terraced Properties: £70,88,682
*According to the DataLoft’s price of properties sold in Mayfair and Land Registry Records
Noted for its elegant architecture and upscale shops, as well as the expensive cars driven by its patrons make Mayfair one of the most expensive places to live in central London.
Defined as the area between Regent Street, Oxford Street, Park Lane and Piccadilly, it’s one of the most desirable and sought after spots in the capital, with property prices to match.This area boasts no less than twenty six Michelin-starred restaurants. and its proximity to the West End makes it a great lifestyle destination. Here you’ll also find leading art galleries, top auction houses, exclusive private members’ clubs and five star hotels.
Mayfair was once considered an ‘old school’ destination, favoured by the British aristocracy, but nowadays, you’ll find a cosmopolitan mix of affluent Brits and overseas residents who all enjoy the finer things in life.
South Kensington and Knightsbridge
*According to the DataLoft’s price of properties sold in Knightsbridge and South Kensington and Land Registry Records
The SW7 postcode covers two of the most expensive areas in London. These neighbourhoods are renowned for high-end stores (Knightsbridge is home to both Harvey Nichols and Harrods). However, there are also plenty of independent shops, Michelin-starred restaurants and chic bars to keep wealthy residents happy. Music lovers enjoy being minutes away from venues such as the Royal Albert Hall and the Corelli Room at the Royal College of Music.
South Kensington’s grand museums quarter, featuring world class museums such as the V&A and the Museum of Natural History, is a huge draw for adults and children alike. At its northern edge, Knightsbridge is bordered by the open, green expanse of Hyde Park, which offers popular sports activities such as tennis and horse riding.
The SW7 area is a magnet for high net worth individuals, attracting successful entrepreneurs, politicians and high profile diplomats. Boasting some of the capital’s most beautiful homes, Knightsbridge and South Kensington are rightly described as two of the poshest areas in London.
Average Price: £1,601,397 to £2,032,837*
Annual Change: 4% higher
Most popular property: Flats with average price of £980,506
Terraced Properties: £4,239,214
*According to the DataLoft’s price of properties sold in Chelsea and Land Registry Records
The heart of this exclusive neighbourhood is The Kings Road, which begins at Sloane Square and ends close to the riverside area of Chelsea Creek. Chelsea’s reputation as a haven for artists and celebrities peaked in the 1960s and 70s. However, the area’s funky upscale boutiques, high end eateries and buzzing bars continue to attract fun-loving, high profile individuals with money to spend. Just across the river, Battersea Park offers space to relax and unwind.
Culture lovers enjoy visiting the Royal Court Theatre, the Saatchi Gallery and Chelsea Physic Garden, while football fans relish the proximity to Chelsea Football Club’s Stamford Bridge stadium.
The types of property available here range from apartments in striking modern developments, flats in traditional mansion blocks, pretty mews cottages in cobbled streets and impressive detached homes.
Average Price: £1,038,917 to £1,374,680*
Annual Change: 14% higher
Most popular property: Flats with average price of £952,176
Terraced Properties: £1,933,570
*According to the DataLoft’s price of properties sold in Marylebone and Land Registry Records
This sophisticated, cosmopolitan ‘London village’ may be only minutes away from the glitz and glamour of the West End, but it still retains a genuine village vibe. It’s also a welcoming haven for homebuyers from across the globe, who are drawn to Marylebone’s relaxed atmosphere and old-world charm.
The area is a regular hang-out for celebrities, who can often be observed sipping coffee at a pavement cafe or browsing the area’s exclusive independent boutiques. Marylebone High Street offers a range of exclusive shopping and dining opportunities, making it one of the best places to stay in London.
You can buy fresh lobster at Fishworks, enjoy crumpets and coffee at the Ivy Cafe or choose a smart contemporary sofa at The Conran Shop, all without leaving the village.
Average Price: £939,472 to £1,437,873*
Annual Change: 12% lower
Most popular property: Flats with average price of £819,797
Terraced Properties: 1,924,783
*According to the DataLoft’s price of properties sold in Westminster and Land Registry Records
Home to iconic landmarks such as Big Ben and the houses of Parliament, Number 10 Downing Street and Buckingham Palace, Westminster is the stage for almost everything that happens in British politics. So it’s not unusual to spot famous politicians and media personalities scurrying through the streets in between parliamentary sessions.
Second homeowners and international buyers are all drawn to the cachet of living in Westminster. However, the buzz of ‘Westminster village’ doesn’t just attract political types. This is an area known for its lovely period properties, impressive mansion blocks and sleek, highrise developments. It also boasts some of the most expensive shopping streets in London: Regent Street, Bond Street and Oxford Street are all located within the borough of Westminster.
Whether you are buying a primary or secondary home in London or looking for a buy-to-let investment, we would love to help you find your ideal property in any of these locations and beyond.
Interested in finding out what your home is worth in one of these areas or your own area to compare?