10 Most expensive areas of London

10 Most expensive areas of London

if you are thinking of moving to England’s capital to invest in property or rent a flat, you need to consider the soaring real estate prices. Although London is one of the best cities in terms of available jobs, cultural attractions, restaurants, sporting events, and social aspects, it is also one of the most expensive cities in the world.

The average monthly cost of living in London as a family of four is over $4,200 – without the rent included. Let’s see the most expensive areas of this bustling city that should be avoided for those on a budget.

Westminster

An HDR image of Parliament and Westminster Bridge – By By Graeme Maclean – originally posted to Flickr as hdr parliament, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=7042940

Westminster is home to many of London’s famous landmarks and historical buildings. If you are thinking of purchasing a home here, you should get ready to take out a loan – homes here go for over £3 million, which is around $4.24 million. 

The benefits of living in Westminster are the proximity to central London, home to iconic buildings like Parliament and Big Ben, location along the famous Thames River, and multiple tube stations.

Kensington and Chelsea

Kings Road SW3 – By By Danny Robinson, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=3846328

The average home price in Kensington and Chelsea is just over £2.08 million, with this area being one of the most popular amongst celebrities and the wealthy elite who want to invest in property. Looking at the most expensive streets in London, seven on the top-10 list are located in the Kensington and Chelsea boroughs.

Camden

Camden Town – By By Horst Michael Lechner – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=19337602

Home to the famous Camden Market, with food, vintage shops, and cool trinkets, Camden is a bustling neighborhood with a young and eclectic vibe compared to the posh areas of Westminster or Kensington. You might not expect houses in this borough to be expensive – but unfortunately, you would be mistaken. The average home price in Camden is £1.85 million. 

Hammersmith and Fulham

Hammersmith Bridge – By By Patche99z – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=5959888

The average home price in Hammersmith and Fulham is nearly half the price of the third-rated Camden borough, with the median price coming to just over £960,000. The benefits of living in Hammersmith are the proximity to Richmond Park, easy reach of the city center, and the southern border on the Thames.

Hammersmith is an up-and-coming neighborhood known for its proximity to Zone 1 in London without the soaring rental and home prices. With the close location, an interesting mix of classic architecture and modern buildings, and the location on the Thames, this can be a good spot for those on a budget who want to easily commute to work every day. 

Hackney 

Copper Box Arena – By By Paul Gillett, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=28416035

The best part about living in Hackney is the various dining establishments, creative vibe, fast-growing atmosphere, and proximity to Shoreditch and Hoxton. The average home price in this cultural neighborhood is around £933,006.

When living in Hackney, you will soon find the various eateries lining the streets, whether Michelin-starred restaurants or unique food stalls. Try Cove Club, Dishoom, or the Urban Food Fest. After eating a filling dinner, go out in one of the many bars and clubs in the neighborhood, like Queen of Hoxton, Oslo, or XOYO. 

Richmond upon Thames

Richmond Theatre – By By Patche99z – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=7088108

The median home price if you are considering moving to Richmond upon Thames is  £838,527. Richmond contains many cultural attractions, like the Odeon cinemas, Curzon, and the Orange Tree, providing you with activities to do after a long day of work.

Furthermore, this nice borough has four parks, one highly-rated school for your children, one Michelin-starred restaurant, their tube stations, and provides a good family feel and neighborhood vibe for upcoming professionals and wealthy growing families.

Lambeth 

Lambeth Bridge SW1 – By By Phillip Perry, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=13605258

The average home price in Lambeth is £834,518. With a very young crowd, this can be a good place for young professionals and students to relocate to when searching for something new. Being the 4th most densely populated area in the entire country, this borough is culturally diverse, interesting, eclectic, and youthful.

With a dynamic feel of working professionals and students, people here have multiple things to do in their free time, like exploring Brixton Market, having a few sips at the local wine bars, and eating at restaurants like Boqueria or POP Brixton.

Wandsworth

Former Ram Brewery Complex in Wandsworth – By By Stevekeiretsu – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=35401467

The average home price in Wandsworth is  £803,319, with this borough spanning the area of Richmond Park to the border of the aforementioned Lameth. The largest central London Borough, this neighborhood is popular with families and provides a residential-type feel. 

With regeneration projects taking place around the neighborhood, this area is known for its family vibe that is currently expanding and drawing in many professionals in various work fields.

Islington 

Carlton Cinema – By By Tarquin Binary – Own work, CC BY-SA 2.5, https://commons.wikimedia.org/w/index.php?curid=402415

Islington is known for being one of the liveliest areas of London, with plenty of dining establishments, retail stores, and nightlife spots and bars to make people of all ages happy to live here. The average home price in Islington is £796,275, with this borough being one of the fastest-growing areas in London.

Barnet

Hendon Town Hall – By By Steve Cadman from London, U.K. – Hendon Town HallUploaded by oxyman, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=8928636

The final spot on our list is Barnet, coming in at just under £700,000 for the average home price. Barnet is an affluent area that features plenty of green spaces and an elite atmosphere that is best for wealthy families and retired couples.