High real estate costs are nothing new to London homeowners, although some upscale neighborhoods are significantly more costly than others
We examine them.
Over 9 million people live in London, which is divided among 32 boroughs and 607 square miles. It is considered by many to be one of the greatest places in the UK to live.
Home prices in the UK's capital city are significantly higher than in the majority of other parts of the country, and there are plenty of people looking to make a living there.
However, there are significant differences in the prices at which properties in particular neighborhoods are listed for sale even within the city itself.
According to recent research by London-based estate agency Benham and Reeves, in the past month, over 4,708 homes have been listed in desirable London neighborhoods, with 43% of them costing one million dollars or more.
After temporary increases to stamp duty thresholds ended in April, those wishing to purchase in these desirable areas will have to pay more to the tax collector: a house worth one million dollars will now cost 43,750 in stamp duty, up from 41,250 in March.
Because buyers will probably need a large mortgage to buy a home in such a pricey and desirable area, it is even more crucial to keep a close eye on the direction of mortgage rates and determine whether or not it is worthwhile to fix their payments.
We examine which London neighborhoods contain the greatest number of one million residences. Do you reside there?
Which part of London is the most expensive?
The idea of a home costing one million dollars or more is not that shocking to a local after decades of significant price increases for London real estate; after all, the average home in the capital costs nearly 700,000, according to RightMove.
However, Benham and Reeves director Marc von Grundherr claims that the rise in property prices in the upscale London market "has been more muted of late."
Despite this, von Grundherr observes: "A significant number of sellers have already entered the market this year, and a large percentage of these homes are selling for £1 million or more.
Von Grundherr says he anticipates that as the year goes on, this initial activity will result in completed sales. "We should see a far more stable outlook with respect to high end London house price performance," he continues.
As the upscale London real estate market may see increased activity soon, we examine the top ten neighborhoods in the city where properties are listed for at least one million pounds.
Mayfair. .
In Mayfair, on Old Bond Street.
One of the most upscale neighborhoods in London is Mayfair, where 93% of all real estate listings are priced at £1 million or more.
Georgian red-brick townhouses in the area are home to a number of famous people, both past and present.
Mayfair was home to Jimi Henrix, Winston Churchill, and Irish playwright Oscar Wilde.
There are plenty of art galleries, private members clubs, and serene parks in the area, so it's no surprise that all of these people were drawn to it.
The Knightsbridge.
Knightsbridge's Harrod's store.
Knightsbridge, which is close to Mayfair, is the area of London where the second-highest number of properties listed for one million or more are found.
Situated in the wealthy west of London, Knightsbridge is well-known for its upscale stores like Harrods in addition to its opulent charm.
Its numerous winding side streets, which are lined with small pubs and parks, provide a peaceful atmosphere despite its central location.
Since 90% of the homes listed for sale in the area in the last month have cost at least £1 million, potential residents will probably need to have at least £1 million to enjoy the area's amenities.
Barnes.
A home near Barnes Pond.
Barnes is the part of London with the third-highest number of properties listed for one million or more, briefly moving south of the Thames.
With its abundance of lagoons and greenery, this charming neighborhood feels like you're entering the countryside even though it's only thirty minutes from central London.
The fact that 82% of the properties for sale in Barnes are priced at £1 million or more is not surprising given the property's stunning and desirable location.
The Belgravia.
Belgravian residences.
Situated in the west of the capital, adjacent to the previously mentioned Knightsbridge, Belgravia ranks as the fourth most costly neighborhood in London.
Belgravia is teeming with townhouses from the Regency era and numerous embassies, and is only a short stroll from Hyde Park and Buckingham Palace.
Given that 79 percent of all homes listed for sale in the area in the last month were for at least £1 million, purchasing a home here is not an easy task, and most potential buyers must pay millions for one.
The Fitzrovia.
Fitzrovia street.
Fitzrovia is situated north of the city center of London, not in the west as most of the other areas on this list are.
Even though Oxford Street, the area's southernmost street, is London's most popular shopping destination, all of the city's bustle leaves the area after a short stroll.
The area's narrow grid layout is .ted with 19th-century structures, such as numerous eateries, bars, and cultural landmarks.
A short stroll from Fitzrovia's center is the lovely Regents Park, and the British Museum, London's top museum, is situated on the neighborhood's outskirts.
The cost of homes in the area is high; in the last month, 71% of all properties listed for sale in the area have sold for £1 million or more.
The Marylebone.
Marylebone commercial street.
Marylebone, which is tucked away in central London and borders Regents Park, is located directly across Great Portland Street from Fitzrovia and offers many of the same facilities and attractions.
Marble Arch and Hyde Park are located on the area's south-west border, while Bond Street, one of London's most well-known avenues for upscale shopping, is located on Marylebone's southern end.
Due to its quaint village atmosphere and close proximity to some of London's most well-known locations, 68 percent of the homes in this affluent neighborhood are listed for one million pounds or more.
Kensington.
South Kensington residences and dining establishments.
Kensington, a renownedly affluent neighborhood in west London, has long been associated with wealth.
With excellent transport connections to central London, the area is teeming with Victorian townhouses, which are home to many of London's wealthiest residents.
Kensington Palace, a royal residence that has housed numerous members of the royal family and is currently the official residence of the Prince and Princess of Wales in London, is located on the area's eastern border.
Not surprisingly, 66 percent of properties for sale in the last 30 days have been listed for £1 million or more, making it the most expensive price range for homes for sale in this area.
Hampstead.
Hampstead's commercial street.
One of only two places in the top ten that is located far from central London is the eighth most expensive area of the city, making it an anomaly on the list.
Situated only 16 minutes from Charing Cross on the Northern Line, Hampstead is a wealthy and primarily residential neighborhood in London.
Hampstead Heath, one of London's largest green spaces and the location of one of the city's highest points, is arguably the area's main draw. You can observe the Houses of Parliament, the City of London, and St. Paul's Cathedral from the summit of Parliament Hill.
Houses in this neighborhood are expensive; 64 percent of all Hampstead real estate listings are for at least 1 million.
Chelsea...
The Royal Hospital in Chelsea. .
Returning to central London, Chelsea ranks as the ninth most costly neighborhood in the nation's capital.
Chelsea is a renownedly wealthy neighborhood on the north bank of the Thames River, much like its neighbor to the north, Kensington.
The neighborhood is home to upscale stores and eateries as well as countless affluent people.
The Chelsea Flower Show, which features floral arrangements and garden designs and draws tourists from all over London and beyond, brings the area to life in the springtime.
Area homes are beloved. One million dollars or more is the price of sixty-three percent of all homes listed in the area in the last 30 days.
Holland Park.
The Holland Park townhouses.
Holland Park, also known locally as Millionaires Row, completes the top ten.
Numerous famous people from all walks of life, such as Robbie Williams, Elton John, David Cameron, and Victoria and David Beckham, reside in the area.
The green area that gives Holland Park its name is located in the center of the park and contains the remnants of Holland House, a stately home that was destroyed during World War II, as well as two Japanese gardens.
Given that the neighborhood is known as Millionaires Row, it is not surprising that homes there can be rather expensive. Sixty percent of the local real estate listings in the past 30 days have a price tag of £1 million or more.
Which upscale neighborhoods in London have the lowest costs?
Not all London's prime neighborhoods have the majority of their homes selling for one million pounds or more, despite their exclusivity.
Consider Clapham as an example. Due to its convenient access to the City, the south London neighborhood is a favorite among young professionals.
Only 23% of the properties there are listed for £1 million or more, though. That's not absurd, but it's a far cry from the percentage in places like Kensington.
Below is a list of the ten most desirable neighborhoods in London where the fewest homes sold for one million pounds or more in the previous month.
Reference: Reeves and Benham.
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