Due to the high demand for housing, London’s property market is fast-moving, and the city has become the most expensive place to live in the UK. Many houses sell on the same day they hit the market, and those that are on the market long enough to attract multiple viewings are often sold significantly higher than their asking price due to bidding wars. However, there are differences in the property market depending on which neighborhood you are looking, with some areas considered more affordable and others the most expensive in the London. The latter attract only the wealthiest people, as the prices in these areas are astronomic.
The average price of houses in Wandsworth is just over $1.1 million (£800,000). Wandsworth is a neighborhood in southwest London, and it has not always been one of the richest neighborhoods in the city. However, the appeal of living close to Wandsworth common has made the area become increasingly desirable. It is a popular neighborhood for rich families, as the schools in the area are outstanding, and this has contributed to desirability and a hike in prices. According to Eden Harper, Wandsworth also has the lowest crime rates in inner-city London, which is another factor that makes the area appealing.
Properties in Lambeth cost on average $1.17 million (£835,000). It is a neighborhood in South London that is known for its pubs, clubs, and hotels. Homes in this neighborhood vary in style and age, and some of the most expensive are the modern waterfront developments. The buzzing night scene appeals to those who enjoy city life and want to live in the thick of all the action. Lambeth is also known for its cultural diversity. The downside of living in this area is the crime rates. Although it is an expensive part of London to live in, it is also unfortunately known for high crime levels.
Living in Richmond-upon-Thames comes at a cost, as the median house price for properties in this neighborhood is just over $1.17 million (£840,000). Richmond-upon-Thames is an affluent area on the outskirts of South West London adjoining Surrey. As its name suggests, the neighborhood also sits alongside the River Thames. It has a less urban and more suburban feel than London, so it attracts people who work in the city but do not enjoy the urban lifestyle.
Hackney is the seventh-richest neighborhood in London, and properties there cost around $1.3 million (£933,000). The neighborhood is known for its strong sense of community, diverse food scene, and nightlife. Hackney tends to attract creative types and young professionals who enjoy the urban lifestyle. It is one of the most desirable locations in East London, says The Culture Trip.
6. Hammersmith and Fulham
Like all other London areas, prices are rising in Hammersmith and Fulham, and homes in this borough now cost an average of $1.35 million (£964,000). The borough was formed in 1962, and it is known for the Hammersmith Chess Club, Fulham Football Club, and the West London Penguin Swimming and Water Polo Club. One reason that Hammersmith and Fulham is such a desirable location is the low crime rates, as there is significantly less crime in this neighborhood than the London average.
Camden properties attract the richest residents because the median house price is just under $2.6 million (£1.86 million). The neighborhood has been a residential part of London since the 1790s, so there are properties from every era since that date. Camden is often associated with people in the music industry, as the area is known for its live music venues. It is also known for its diverse culinary scene and for its eclectic markets.
4. West Brompton
Investopedia lists West Brompton as one of the richest neighborhoods in London, as the average price of properties in this area is around $2.8 million (£2 million). The neighborhood is within walking distance of the Chelsea Football Club grounds, and it has been named as one of the potential locations for the replacement of Earls Court Exhibition Centre.
3. Kensington and Chelsea
Kensington and Chelsea are classed as one borough, but many consider them separate areas. Chelsea attracts wealthy residents, so it is no surprise that this neighborhood has been home to many celebrities, including Kylie Minogue and members of both the Rolling Stones and the Beatles. The area is also known to attract an artistic crowd. Kensington also attracts wealthy clientele, as only rich people can afford to live in the area. However, this part of the borough usually attracts politicians and business people. The average price for properties in Kensington and Chelsea is just over $2.9 million (£2.08 million).
Everything about Knightsbridge is aimed at wealthy people, so, unsurprisingly, it is one of the richest neighborhoods in London. It is home to banks that cater to wealthy clients and the luxury department store Harrods. The property is also a reflection of the area’s prestige, as it has some of the most beautiful homes in the capital. Homes in Knightsbridge cost an average of $3.9 million (£2.8 million).
1. City of Westminster
According to Best Gapp, the most expensive neighborhood in London is the City of Westminster, where the average property price is around $4.3 million (£3.1 million). The neighborhood, which is often referred to simply as Westminster, is home to Buckingham Palace, the prime minister’s home, and the Houses of Parliament. It is also home to some of London’s most famous streets, including Bond Street, Regent Street, and Oxford Street. The inner-city location attracts politicians, wealthy business people, and celebrities.