Richest and Most Expensive Areas in London (2024)

London is always known to be the most expensive city in the United Kingdom. According to ECA International’s latest Cost of Living report (2023), the UK is the 4th most expensive globally. London comes with a high price tag, as it has the richest areas in London, high-end shopping streets, sought-after green space andworld-class Michelin restaurants at your doorstep making it an expensive city.

Now that you know it’s expensive, let’s look at some of the top 10 richest boroughs in London. These posh areas in London are home to royalties and celebrities in the UK. The average home price in the wealthiest area in London starts at an average of 1 million GBP.

If you are studying at one of the universities in the city, you can also find affordable student accommodation in London. Whether you are enrolled at the University of London, Imperial College London, London Metropolitan University, there are off-campus student housing near universities in London.

Here’s the list of top richest areas in London

Knightsbridge

Knightsbridge is the most expensive residential street in the world having the costliest house in London. It is a posh part of London as it has some of the wealthiest properties rich millionaires own. The area is home to the world’s top-class superstore, Harrods, which caters to the affluent society with high-class shopping and dining areas. There are luxury apartments designed in Georgian and Victorian style. The average starting home price starts from 3 – 20 million GBP.

Kensington

It is the richest borough in London, a Royal part of Kensington and Chelsea. The area is home to royalties and residents who are lease downers to the royal family. It has the finest stately Victorian building, the Albert Hall, with iconic landmarks, including the Science Museum, Natural Museum, and Roya Kensington Palace. As one of the richest parts of the London area, there are upscale homes made in Victorian style and architecture. The average cost of a house in this rich neighborhood starts at GBP 3- 15 million.

Mayfair

Mayfair is the most expensive district in the world. It sits beside Hyde Park and Green Park surrounded by Oxford, Piccadilly and Marylebone Street. It is the richest place in London as it dates back its history to Roman times. The area is home to luxury homes, notable houses, elite shopping boutiques and exquisite dining scenes.

Hamstead

It is one of the most desirable areas to live in London as it has so many green spaces. This area is adored by those who love the blend of nature and enjoy a luxurious home and lifestyle. Being one of the wealthiest neighborhoods in London, it is home to high-profile residents like Sting, Boy George, Stephen Fry, Liam Gallegher, and many others. The Hampstead Theatre and Keats House have created an intellectual environment and attracted many writers and creators.

Belgravia

It is known to be one of the wealthiest districts in the world and home to affluent residents of London. Located between Hyde Park and Mayfair, this is London’s richest area. It is home to grand architecture and a historic garden square perfect for setting up terrace houses. There are prominent homes with royal residents owning many of the luxurious places. The average cost of homes in Belgravia starts at GBP 3 million.

Chelsea

Chelsea is a posh area located in the most renowned postcode in the world. It has the most luxurious properties and high rental prices, attracting only the super-rich people worldwide. It is known for its art scene and thriving culture, history, and mixed estate of houses. It is a legacy to the homes of many artists like the Rolling Stones, Kylie Minogue, and the Beatles. It is home to Rowan Atkinson, Sir Richard Branson, and Stella McCartney.

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Marylebone

Marylebone is an expensive place to live in the west end of London. As one of the wealthiest parts of London, it offers residents top-class amenities with exclusive, luxurious homes, lifestyles, and high-end shopping areas. The house in this area is not cheap, starting at GBP 1 million.

West Brompton

West Brompton is one of the wealthiest boroughs in London as it is in the expensive borough of Kensington and Chelsea. It is a good area for those looking to stay in affluent areas, surrounded by other richest neighborhoods in London, such as Chelsea, Earls Court, Parsons Green, and Fulham. The starting price of this rich area in London starts at GBP 3–10 million.

The City of Westminster

This is one of the most expensive and posh areas of Central London. It is where the most important institutions and landmarks are present. Buckingham Palace, home to the Queen, 10 Downing St, home to the Prime Minister, and the Houses of Parliament are all in this area. This makes the city of Westminster one of the most expensive places to live in the UK.

Notting Hill

The movie ‘Notting Hill’ was shot in this area, making it a prime and essential location for a movie set. This is one of the most important areas in London which genuinely represents everything about the culture of London. One of Europe’s famous festivals is also celebrated in Notting Hill. It has beautiful Victorian townhouses lined up, and their average cost starts from GBP 1–20 million.

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