Kensington and Chelsea tops the list of the capital's most expensive boroughs
Tue 02 Feb 2016
Kensington and Chelsea continues to remain the capital's most expensive London borough for home-hunters.
Annual growth of just 3.6 per cent puts the average cost of buying a home in any of the borough's well-heeled
districts at 1.37 million, according to the latest Land Registry figures.
Hot on its heels is the City of Westminster, another one of the capital's 'million-pound boroughs', where average
house prices are growing at almost double the rate and have already reached 1.04 million.
However, compared to a year ago, million-pound property sales have slipped back two per cent in the capital
since stamp duty reform levied higher taxes at the middle and top-end of the property market, according to Peter
Rollings, CEO of Marsh & Parsons.
Yet there are now more Londoners now living east of Tower Bridge than to the west of the city, and the demand
for homes on this side of the capital continues to soar.
Highlighting the eastwards shift, the borough of Hackney recorded the biggest growth of the capital's top 10
prime locations, with a 12-month rise of 7.9 per cent taking average prices in hipster hotspots such
as Shoreditch, Hoxton and Dalston to 638,284.
The smallest house price growth across the top ten prime boroughs over the past year was 3.3 per cent in
Hammersmith and Fulham.
Yet, with all prime boroughs showing growth relating back to September last year, NAEA London
executive Jonathan Hudson comments: "It seems that the dust is settling after the Conservative election win in
May and that London property is once again perceived as a more stable investment for the global market."