London's Highest Value Areas
London has always been one of the most expensive places to live in the United Kingdom, and it is also one of the most costly places in the entire world. Rivaling New York in the United States, Greater London measures over 607 square miles and has a population of over 9 million, and within the city live a large population of wealthy individuals.
In fact, as of 2021, there are 875,000 Londoners whose assets are worth more than £720,000, according to research by property consultants Knight Frank, which publishes an annual study of the fortunes of the world’s wealthiest people.
The following are the top five most expensive neighborhoods in London as of March 2022:
Key Takeaways
- London is one of the most expensive places to live in the United Kingdom.
- Many high-end neighborhoods are home to royalty and celebrities.
- Average home prices in wealthy neighborhoods run no less than £1 million.
- There are many tourist attractions in London's wealthiest neighborhoods.
- The famous department store, Harrods, is located in Knightsbridge.
1. Knightsbridge
Knightsbridge is one of the poshest neighborhoods in the world. It is home to fashion stores, the world-renowned department store, Harrods, and banks that cater to wealthy individuals. Many of the world's wealthiest people call Knightsbridge home, and it has some of the most expensive properties. The British media suggests that a great deal of the wealth in Knightsbridge comes from Russian oligarchs and millionaires who own property in the neighborhood. The average property price in this neighborhood is £4,328,333, approximately $5.4 million.
2. West Brompton
West Brompton is also an extremely pricey neighborhood in London because it is partially in the expensive borough of Kensington and Chelsea. The average property price of a home in this neighborhood is £4,204,556, or approximately $3.35 million.
Full of landmarks, home to the Chelsea Football Club, and pop culture landmarks, such as the Troubadour Cafe where Bob Dylan performed his first gig, West Brompton is a popular place to visit and live if you can afford its price tag.
3.Kensington
Celebrities, entrepreneurs, and politicians, such as Lakshmi Mittal, Eric Clapton, Sir Richard Branson, and Madonna, all live or have lived in Kensington. Not to mention, Kensington Palace, the official residence of the Duke and duch*ess of Cambridge, and a highly rated tourist destination, once home to Queen Victoria, is situated in Kensington as well.
Homes in this posh neighborhood boast amenities like a home with a private museum for vintage Ferraris, underground swimming pools, private in-house cinemas, and other high-end amusem*nts. If you are thinking of purchasing a home in Kensington, the average property price of a home in this neighborhood is ￡2,568,533 million pounds or roughly $3.21 million.
The City of Westminster is not only home to the Queen of England, but the country's prime minister as well. Homes here run into the millions, while homes in greater Westminster cost an average of ￡887,883.
4. Chelsea
Chelsea is an affluent enclave in West London with a legacy of housing artists like the Rolling Stones, the Beatles, and pop icon, Kylie Minogue. Home to high-end eateries and upscale but funky boutiques, Chelsea is a popular spot to live if you can afford the price. The average property price of a home in this neighborhood is ￡1,761,800 million, around $2.2 million.
Many British celebrities have called Chelsea home, including Rowan Atkinson, known for portraying the roles of Mr. Bean and Blackadder, Virgin Group founder Sir Richard Branson, and fashion designer (and daughter of Paul and the late Linda McCartney) Stella McCartney.
5. City of Westminster
The City of Westminster is one of the most popular areas of Central London and houses many important institutions and landmarks. After all, the Queen does live there. The City of Westminster is home to Buckingham Palace, the Houses of Parliament, and 10 Downing Street, the home of the Prime Minister.
The borough also hosts some of the most popular streets in London, including Oxford Street, Regent Street, and Bond Street. Given its importance and central location, it's no surprise that it is a desirable place to live. Also, next door is the City of London which houses the historical and financial districts of London.
So, if rubbing shoulders with tourists and the upper crust of London sounds appealing, buying a house in the City of Westminster will cost you around an average of ￡887,883 thousand, approximately $1.12 million.
What Part of London Is the Wealthiest?
There are many wealthy neighborhoods in London. Knightsbridge and the City of Westminster are among the wealthiest.
Does Posh Just Mean Rich?
Not exactly. Posh can be mean rich but it also refers to something or someone who is elegant and refined in an upper-class way.
What Are the Traditionally Posh Areas in London?
Knightsbridge, the City of Westminster, and Chelsea are traditionally posh areas of London.
The Bottom Line
Today, London is one of the most expensive cities to live in the entire world, and many neighborhoods of London are even more expensive. Places like Westminster, Chelsea, and Knightsbridge have some of the country's most expensive homes, with many residents who are celebrities or hold high office.
