The borough has the highest property prices in the UK.
Home to England’s most expensive properties, the average semi-detached house in Kensington and Chelsea costs over £4.7 million according to Land Registry data released earlier this week.
The 20 most expensive streets in the country are all in London, the priciest being Chelsea’s Egerton Crescent.
Ed Mead, director at Douglas and Gordon estate agents, said: ‘‘There’s always some nationality or socio-economic group who want to own property in Kensington.
‘’Kings Road is an international brand and property in the area comes with a trophy post code that is loved both in England and globally.’’
The Royal Borough has the highest property house prices in the whole of the UK with terraced housing selling for an average of £3.3 million and flats selling for over £1.1 million.
Nick Hubner, director at Farrar & Co estate agents, said: ‘‘Prices are driven up by high demand. People have heard of Kings Road more than other affluent areas so they chose to invest there.
‘’When the domestic market fails the international market picks up the slack and that’s what we’re seeing here. ”
It’s the latest evidence of a potential bubble in parts of Britain’s housing market.
Mr Hubner added: ‘’Since 2008, 80 to 90% of our buyers are foreign investors. They want to put their money into bricks and mortar.’’
House prices have risen by 5.9% in the area. Residents have on average a £40,000 annual income, the highest salary nationwide, yet the average house in Kensington and Chelsea still costs 28.9 times that. The discrepancy between wage and house prices in the area is almost five times that of the average across England and Wales.
Kensington resident Rosie Tausig, 56, of Beaufort Gardens said: ”Im lucky I bought my house twenty years ago, I could never have afforded it then if it had cost what it’s worth now.”
The situation is a far cry from South London’s Croydon where average price houses have dropped by 3% in the last year to £263,870.
South Kensington’s Park House, an idyllic countryside style home at the core of the city, is on the market for £105 million.
Marketing Executive, Max Scalibrino, of Cromwell Road in South Kensington said: ‘’The children of families who have lived here for decades will find it hard to stay here when they’re looking to buy. The prices are just escalating too quickly.’’
Tom Stoneham, a 24-year-old accountant living on Chelsea Bridge Road, agreed: ‘‘I still live at my family home. I’ll need to move further out to afford to buy a place of my own without their help.’’
Sky News’ Economics Editor Ed Conway says there has never been a part of Britain as expensive as Kensington and Chelsea is now.
Photo courtesy of Secret Pilgrim, with thanks.
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