Top 6 Residential Areas In London That Are Crazy Expensive In 2023
In the United Kingdom, the housing market has been soaring since the inception of the pandemic. Now, the situation is growing at a faster pace. The National, a leading journal in the U.K, created a list of the ten most expensive counties throughout Britain in 2021. Later on, the journal revealed that those stats were “a bit blurry.”
Therefore, the journal came up with an exclusive survey in 2022. This time, the journal has presented a list of ten areas in London that are what the journal calls “crazy expensive.” With Chelsea’s topping the list, there are nine other places in London that are crossing London’s $5-million-plus property transactions.
The official statement from The National argues that price hikes in the housing market are the major factor that is leading to these crazy expensive areas. Another factor is the “growing domestic demand,” the report suggests. What this means is that these selected areas have high demand in the neighborhood. That is why these places are ultra-expensive.
However, it is essential to note here that The National uses $5 million plus property transactions ($5M+) as a measure to gauge the cheapness and expensiveness of these places. In other words, these expensive places are worth more than $5 million. The report suggests that there are more than ten areas in London that exceed the $5M+ property transaction measurement.
With that said, here are the top 6 areas in London that are super expensive:
First up: among the ultra-expensive areas in London, Chelsea tops the list. According to the analysis of The National, there were as many as 140 property transactions in Chelsea between January 2021 and June 2022.
Furthermore, the report hints that these numbers are very likely to grow in the years to come. Since the demand for property is going to be high in Chelsea, this area of London is all set to reign over the expensive areas of London.
According to the analysis of The National, there were 131 property transactions made in Kensington between January 2021 and June 2022. This means that the percentage of property transactions was 11%.
Thus, this heavy percentage makes Kensignton the second most expensive area in London. Since Kensington is considered a place of British royalty, the demand for this place is always high in the housing market.
Furthermore, the analysis argues that Kensington may leave Chelsea behind in the years to come – as the most expensive area in London.
Nicole / Pexels / Because of the “growing domestic demand,” some areas in London are ultra-expensive, suggests the report from The National.
Other Ultra-Expensive Areas in London
Apart from Chelsea and Kensington, here are some other areas in London that are crazy expensive:
– Belgravia: 120/10%
– Mayfair: 82/7%
– St John’s Wood: 85/7.2%
– Knights Bridge: 76/6.4%
– Notting Hill: 60/5%
Thus, the list of the crazy expensive list goes on and on, with Hampstead 50/4.2%. The journal suggests that these places have a growing demand in the neighborhood. That is why these places are what the journal calls “crazy expensive.”
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