Kensington and Chelsea has been named the most expensive places buy a home in the UK. A recent report from Halifax calculated that, on average a square metre of home in the west London borough will cost £11,625, representing almost six times the national average of £2,033. This makes the borough the only area in the UK with an average price per square metre above £10,000, as Westminster, which has the second highest property prices, currently stands at £9,571 per square meter.
However, the average price of a home in West Kensington, which also occupies the borough of Hammersmith and Fulham, is just £860,000, in comparison to the rest of the Kensington and Chelsea area where averages prices are almost double at just over £1.5m. However, that doesn’t mean there isn’t desirable property in the area. Some of the more notable properties on the market today include a seven-bedroom terraced house on Gunterstone Road for £4.25m, while a four-storey townhouse arranged as four self-contained flats and encompassing ten bedrooms overall is on the market for £8.1m.
Because of the high-earners living in the Kensington and Chelsea area, neighbouring districts, like Fulham, Earl’s Court, and West Kensington, have benefitted from an influx of spillover wealth. This has resulted in significant redevelopment in the districts so that they can more closely resemble their upmarket neighbours. Not only has this been seen in residential areas, but it has also included the opening of many new businesses, like restaurants, bars, and shops, that are looking to take advantage of the proximity of this valuable demographic.
Local attractions include the Olympia, an event centre that hosts everything from exhibition on specialty foods, music, and the arts, and the Queen’s Club, a private sporting club which hosts the annual Queen’s Club tennis championships. The location of the area also means that attractions in the south of the district, like the National History Museum, are often within walking distance. For tourist destinations that are further afield, West Kensington benefits from a series of well-connected public transport links including the tube or bus, which makes getting to London’s must-see sights easy.
While it might be fair to say that West Kensington has traditionally been seen as the black sheep of the family, this is now changing due to the influx of wealthy Londoners in the surrounding areas. While it may seem strange to call an area that’s average house price is already above the city’s average up-and-coming, when you consider how much prices are compared to neighbouring districts West Kensington may have the potential to be the next big thing.