Houses in Kensington & Chelsea
(Picture: Matt Writtle)There are now 28 London neighbourhoods where the average house price is more than £1 million, with areas spread across a quarter of the capital’s boroughs.
The most expensive pocket of the capital was Norland ward in Kensington & Chelsea, just north of Holland Park and west of Notting Hill, where the median house price is £2.9 million, according to research from mortgage broker Henry Dannell.
A further 12 of the £1m+ wards were in Kensington & Chelsea, London’s most expensive borough, with six in the second priciest, Westminster, where wards include Knightsbridge and Belgravia (average price £2,830,000) and the West End (£2,450,000).
According to Halifax, the UK’s most expensive street is Tite Street in Chelsea, where homes cost £28.9 million, or 105 times the UK average.
The Barnes ward of Richmond was the most expensive outside the top two boroughs, with an average property price of £1.65 million.
The £1 million-plus wards weren’t only in London’s richest boroughs, however. Dulwich Village in Southwark (average £1.4 million), Village in Merton (£1.38 million) and Queen’s Park in Brent (£1.08 million) also made the list.
“Kensington and Chelsea tends to dominate the prime London spotlight and justifiably so, as it not only boasts the highest average house price, but it’s also home to the largest number of wards with a price tag of over a million pounds,” said Geoff Garrett, director of Henry Dannell.
“However, London’s one million pound plus property market isn’t exclusively confined to the borough and there are several wards across as many as eight different boroughs where a cool million simply won’t buy you a home in today’s market.”
There are now four per cent of the capital’s 640 wards where homes cost £1 million or more.
The report comes after Savills found that two thirds of homes in London now cost more than £500,000, while areas where the average house price is less than £150,000 are on the verge of extinction throughout the UK.
