It is not every day that home-owners wake up to find that £27,000 has been wiped from the value of their home, but this is something that affected some London residents this week. After months of spiralling and disproportionate growth in the capital, the Office for National Statistics revealed that the government has inadvertently overstated the strength of the market in January.
While this is hardly good news, there are some areas in London where the word value has gradually begun to lose all reasonable meaning. So although prices in London may not have risen at the reported rate of £500 per day in January, they continue to increase at levels that have not been seen since prior to the great recession. As such, certain parts of central and West London remain incredibly affluent and expensive, and beyond the reach of most UK dwellers.
Four of London’s most expensive and affluent neighbourhoods
So which neighbourhoods in the capital are renowned as being the most exclusive and expensive? Here are the top four:
1.) Kensington (Average House Price £1,735,484)
According to Property Rescue’s most expensive neighbourhoods guide, the affluent West London borough of Kensington tops the capital rich-list. Distinguished by row upon row of lavish town-houses, Kensington is synonymous with regions such as Notting Hill where business tycoon Alan Sugar and a multitude of other stars own property. The area is also steeped in history and tradition, with landmarks such as Kensington Palace and the Royal Albert Hall adding further nostalgic value.
Traditionally the home of an older, working demographic, Kensington is also awash with buy-to-let properties that have been aimed at established professionals and successful millennials. Expect to see a number of classic luxury cars such as the Aston Martin in this region, as this symbolises the timeless opulence that defines Kensington.
2.) Chelsea (Average House Price £1,324,479)
Next up is the neighbouring Chelsea, with is another historic and luxurious region within the Royal Borough. Located in the West and on the South Bank of the River Thames, Chelsea is rich with heritage and at one time or another has been home to poet T.S. Eliot, singer Eric Clapton and famous murder-mystery author Agatha Christie.
It is also home to Chelsea football club and many of its players, so Chelsea is energised by a younger and slightly cooler vibe than its West London neighbours. With this in mind, you can expect to see a younger demographic of residents and numerous sports cars in the region, from fire coloured Ferraris to stunning Lamborghinis.
3.) Knightsbridge (Average House Price £1,305,055)
With an average house price of £1,305,055, South West borough Knightsbridge is not far behind Chelsea in the rich-stakes. A traditional and stylish location that more in common with Kensington, Knightsbridge is a stones throw from Hyde Park and hosts world famous, luxury areas such as Mayfair.
The architecture here is classic Georgian, while Knightsbridge is also known as a hotbed for high-end, buy-to-let investors. While the area is teeming with successful professionals and luxury car models such as high-end Mercedes’, it is also renowned for its outstanding shopping with the world’s biggest corner shop Harrods and numerous fashion outlets on Savile Row nearby.
4.) West Brompton (Average House Price £1,045,388)
We finish with another luxurious location in South West London, with houses in West Brompton typically being sold for as much as £1,045,388. Once intertwined with the neighbouring Knightsbridge, it has now separated and finds itself divided by South Kensington and the wonderful Earl’s Court.
Also distinguished by row upon row of three-storey Georgian town-houses, West Brompton has outstanding transport connections with a Tube Station nearby and is therefore favoured by young professionals who work in the capital. An underrated location that tends to live in the shadows of its more illustrious neighbours, it has enjoyed huge price growth while it also remains a youthful hub of energy and ambition that perfectly embodies the spirit of the capital.
Main image at the top of the article credit: FreeImages.com/Roma Flowers
