The Most Expensive Areas to Live in London 2024

The heartbeat of England, London is known around the world for its vast culture and diversity throughout the city. What London is also well known for is the mass amounts of wealth that circulates throughout the city. A city for the rich and not the faint of heart, you have to be earning a good amount of money to survive and buy the daily necessities in London, never mind being able to afford a house. London is simply not a cheap place to live and people struggle everyday to live in the capital.

Known to hold hundreds of millionaires, London has some of the most expensive houses and areas in the world! If you’re interested in finding out the most expensive areas, streets, houses and boroughs in London then this article is perfect for you.

We have researched and pull together some of the most expensive places in London to live in, check out the below navigation for more information:

What is the most expensive areas to live in London?

Often people search for the cheapest places to live but If you’re trying to find the most expensive places to live in London with the highest house prices, then you have come to the right place. From Mayfair to Chelsea, London and the surrounding areas boast an incredible range of affluent areas, full of fantastic properties only the rich and famous can afford.

Below we take a closer look into the richest places to live in London:

Mayfair

Mayfair is most well known to be the most expensive plot to buy on a Monopoly board, ironically it is also the most expensive place to live in London as well! Situated in the heart of London, Mayfair is one of the most prized addresses for the rich to live in. With its prestigious status, Mayfair comes with a low crime rate and upscale shopping like Bond street that holds some of the most luxurious shops you can find and shop in.

On average the house prices in Mayfair, London are around £4,282,546 according to Rightmove. Average rent in Mayfair is also an astonishing £2,500-£3,000.

Kensington

Living in London is already seen as a very expensive task in itself however, living in Kensington is something else. Kensington is known for being an extremely expensive part of London to live in, mostly known as one of the most affluent and prestigious neighbourhoods in London that house the rich and famous.

On average, the rent prices in Kensington are £3,400 which is the highest rent prices on average in the entire UK! House prices range from £1,100,000 - £1,400,000 which has decreased in recent years.

Knightsbridge

Located in the heart of London, Knightsbridge is known for its iconic landmarks and history with an abundance of high-end shops that only the wealth frequent. In a Prime location, Knightsbridge is only a short walk away from Hyde Park, Harrods, Sloane Street and more luxurious places.

You will find rent on average being around £2000 a month while regular comfortable living will be around £3,500 a month. To own a house in Knightsbridge you will be looking to spend around £5 million to £20 Million, on the other hand apartments are slightly cheaper than buying a house with the average costs being £1.5 million to £10 million.

Belgravia

Known for its extravagant agricultural, elegance and prestige, Belgravia is the home for those wealthy few that can afford to live there. Belgravia has some distinctive features that make it stand out from other places in London, mainly being how discreet it feels, for such a lavish and expensive place to live you almost feel secluded and private making it highly desirable for those wanting a calm atmosphere and surroundings as their neighbourhood.

Living in Belgravia can be expensive, with an average rent of £2000 – £3000. Belgravia properties will cost you around £10-40 million with some houses even going up to the price of £100 million.

Hampstead

Different from the other places on this list, Hampstead in London doesn’t have that busy atmosphere that other places have, it gives off a more unique village charm with a blend of natural beauty with lots of history intwined into it. With cobblestone streets and artistic heritage, Hampstead brings the countryside village into the busy life of London.

Hampstead properties can be vastly different in price depending on the type of property. Regular terrace houses on average sell anywhere between £2 – 6 million whereas a flat would be between £600,000 - £2 million. Detached houses are the real prized properties with average prices ranging from £10 – 20 million or more!

What is the richest borough in London?

The richest borough in London is Kensington and Chelsea, these are typically seen as the most expensive due to their expensive house prices and high cost of living. Kensington and Chelsea have many houses in the area that are around the £10 million mark however they have many more that even exceed an eye watering £50 million.

With being known as the richest borough in London a wealth of celebrities and billionaires follow, majority of the property is only owned by the famous and wealthy this is mainly because they are the only ones who can afford it. They flock to these areas in London because of the luxury and lifestyle. Designer shops, fancy restaurants, cultural landmarks and more entice the fortunate to make this area their abode.

What is the richest street in London?

The richest street in London can be located in Kensington borough known as the Kensington Palace Gardens which is famously known as “billionaires Row”. Lined with trees on either side of the cobblestone road, Kensington Palace Gardens is a private road with big gates and security on both entrances letting people in and out, this road is strictly off limits to the public and can’t even be adventured into by google maps.

Estate agents estimate that the properties on this road often range from anywhere between £50 – 150 million and some houses are reported to be worth around £200 million or more, on average the price per square foot of land on this street makes it one of the most expensive streets in the world and possibly the most expensive.

Where in London is billionaires’ row?

You will find that multiple places in London are called billionaires row, this is because of the abundance of billionaires living in London. The most well-known “Billionaires Row” is located in Hampstead London and is known as The Bishops Avenue, named after the bishop wood the street runs through.

The Bishop’s Avenue is known for its prestigious homeowners and seclusion, often you will find house on this street are grand mansions with cinemas, indoor pools, private gyms and more, some would call this an unparalleled level of luxury that not just anyone can have.

Which is the best area to live in London?

The best area in London to live in is Richmond Upon Thames, we believe this is the best place to live in for a few factors. The best place to live London cant be just based on house prices and where the rich and famous live as this is only the minuscule amount of people compared to the average person living in London.

The factors we would consider the best areas to live in London are:

• Safety

• House Prices

• Local area

• History/Culture

• Transport

Richmond Upon Thames is the safest area in London with a 59.54 crimes per 1000 people which is a whole 6 less crimes than second place which is Sutton, Sutton has 65.5 crimes per 1000 people. House prices are still expensive in Richmond Upon Thames with some houses exceeding the £1million mark however, its excellent transport links with its blend of culture in the local area make it a perfect family environment for any family to live in.

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