The Royal Borough of Kensington and Chelsea has been attracting the wealthy and the noble for years, says Best Gapp, Belgravia’s longest established residential estate agent that has been setting local price records for more than 100 years.
It’s a slice of upmarket suburbia in a city that bustles with energy and a promise of romance. With its elegant gardens and period houses, it’s no wonder that it remains one of the most expensive and exclusive places to live in the UK.
So, it should come as no surprise that just the tiniest sliver of real estate will cost around 12 times more in the royal borough when compared with Aberdare in Wales.
In a time when prices are continually on the rise, Kensington and Chelsea has seen the cost of a square metre balloon to £11,635, up by £800 on last year. In a neighbourhood where prices start at around £5m for a terraced property, this is great news for those who wish to sell in the area and shows that the luxury property market is as buoyant as ever.
The figures, which come from research compiled by Halifax, show that London dominates as one of the UK’s most expensive places to buy (based on the bank’s house price index). The reason behind these figures is that property in London tends to be smaller than elsewhere in the country, so dividing average house prices by average size, shows that the cost of a square metre is larger than it appears. According to Halifax the average home in London and south-east England is 90 square metres, while in Wales homes are typically larger at around 117 square metres.
Boroughs like Kensington and Chelsea continue to rein as top property hotspots; however, coming in at a close second is Westminster, which also includes the upmarket areas of Mayfair, Belgravia and Knightsbridge, where property also exceeds the £5m mark and the price of a square metre is £9,571.
Nationally, house prices per square metre have risen by 18% since 2010, from an average of £1,719 to £2,033 in 2015, with increases across all regions. However, somewhat predictably, Greater London has experienced faster growth than elsewhere in the UK, with an average increase of 45%. South-east England recorded the next biggest rise at 22%, with the north of England growing by just 3% and Scotland by 5%.
To conclude, areas like Kensington and Chelsea will continue to remain desirable to those who have enough money to splash out on property. The borough boasts good schools, clean streets and a low crime rate. What’s more, it’s close to central London and if you live there you have some of London’s top restaurants on your doorstep. So why not take the leap and invest in a property in London’s richest borough, you’ve got nothing to lose.