London has always been one of the most expensive places to live in the United Kingdom, and it has quickly become one of the most expensive in the entire world. Rivaling New York in the United States, the metropolitan section of greater London alone measures just over 3,000 square miles, yet has a population of over 13 million. This has caused extremely low supply in the most desirable places in London and, coupled with the natural demand of living within the city, has made London unaffordable for most. The following are the top five most expensive neighborhoods in London as of September 2015.
1. Kensington W8
People might remember Kensington from the popular Monopoly board game, and it is no accident the neighborhood was one of the most expensive properties to purchase in the game. At an average price of 1,193 pounds per square foot, the neighborhood is home to only the richest of the rich. Celebrities, entrepreneurs and politicians such as Lakshmi Mittal, Leonard Blavatnik and Madonna all have residences in Kensington 8. The neighborhood boasts a home with a private museum for vintage Ferraris, underground swimming pools and many private cinemas. The median property price of a home in this neighborhood is 1.7 million pounds, and the highest house price on the market is 30 million pounds.
2. Chelsea SW3
Chelsea is known to be a neighborhood for artists and has a rich history of being home to the Beatles, the Rolling Stones and Kylie Minogue. Additionally, Formula 1 mogul Bernie Ecclestone and Norway’s richest man John Fredriksen also live in Chelsea SW3. It should come as no surprise that Chelsea is renowned for celebrity visits by Gwyneth Paltrow, Piers Morgan and Vivienne Westwood, and even has a rose named after Prince William and Princess Kate. The median property price of a home in this neighborhood is 1.3 million pounds, and the highest house price on the market is 25 million pounds.
3. Knightsbridge SW7
Knightsbridge is a posh neighborhood that also has great public transportation, making it an extremely desirable place to live. The Knightsbridge Underground station is right next to the U.K.'s most expensive piece of private real estate: 1 Hyde Park. This property boasts a swimming pool, a cinema, a wine cellar, saunas, a golf simulator and a valet service. Additionally, Knightsbridge is home to Heineken heiress Charlene De Carvalho and property mogul Simon Reuben, two of London's richest residents. The median property price of a home in this neighborhood is 1.3 million pounds, and the highest house price on the market is 35 million pounds.
4. Notting Hill W1
This neighborhood might sound familiar due to the Hugh Grant and Julia Robert's movie of the same name. The movie, coupled with other pieces of positive press, made Notting Hill a very popular place to live in London. The neighborhood is widely known to be a playground of the rich and famous, with residents who include designer and daughter of Sir Paul McCartney, Stella McCartney and media baron Rupert Murdoch’s daughter Elisabeth Murdoch. The median property price of a home in this neighborhood is 1.1 million pounds, and the highest house price on the market is 13.5 million pounds.
5. West Brompton SW10
West Brompton is an extremely pricey neighborhood of London due to the fact it is a borough of both Kensington and Chelsea. People walking through West Brompton are able to find such landmarks as the Troubadour Cafe where Bob Dylan performed his first gig. Additionally, the Chelsea Football Club is within walking distance, and this neighborhood has been designated as one of the villages to replace the Earls Court Exhibition Centre. The median property price of a home in this neighborhood is 1 million pounds, and the highest house price on the market is 6 million pounds.