Chelsea is one of the most renowned and affluent neighborhoods in London, and it's not hard to see why. Like other upscale areas in the capital, Chelsea is home to unique properties, many of which cost more than 2 million pounds. There are a lot of affluent neighborhoods in London, such as Knightsbridge and Westminster. Last year, The National revealed the 10 priciest postcodes in London, but this year is the first for Savills, with a change in metrics by area.
What hasn't changed is the way the list is compiled, as both the most expensive areas and postal codes are based on the number of real estate transactions of more than 5 million pounds sterling. In total, the top 10 represent 71.2 percent of the total number of real estate transactions of more than 5 million pounds sterling that took place in London during this period. Although the data is not disaggregated between domestic and international buyers, since they cover much of the coronavirus pandemic, when UK travel regulations and the high number of infections deterred interest from abroad, Mr. Christian is confident that the top 10 have a distinctly local flavor.
Battersea, Wimbledon, Barnes, Clapham and Wandsworth are the areas in south-west London that recorded the highest number of sales of more than 5 million pounds sterling during the period analyzed, according to data from Savills. The numbers weren't high enough for these areas to be among the 10 most expensive areas in London, but Mr Christian believes that it won't be long before they do. It's no secret that London is becoming one of the most costly cities in the world. In fact, rental prices in London are so high that more and more “middle class” people are moving to the outskirts of London, while only the wealthy and famous remain in the city center.
Chelsea and Kensington have always been some of the most luxurious neighborhoods in London, so it's no surprise that so many celebrities live here. In fact, some of the houses in these neighborhoods can cost between 1.7 and 30 million pounds, and the block of Kensington 8 (where Madonna lives) has a private museum of old ferries, underground pools and private cinemas. Some other famous residents of Chelsea and Kensington include Formula 1 tycoon Bernie Ecclestone, John Fredriksen (the richest man in Norway) and David and Victoria Beckham. Clapham is especially popular with London's wealthiest businessmen, as well as among playwrights, speculators or Londoners with a lot of “new money”, many of whom hang their hats in the Clapham Common mansions. London has always been one of the most expensive places to live in the UK, and it quickly became one of the most expensive places to live in the entire world.
The London metropolitan area, which rivals New York City in terms of size and population (more than 607 square miles and over 9 million people), has a large population of wealthy people living within its boundaries. Celebrities, businessmen and politicians such as Lakshmi Mittal, Eric Clapton, Sir Richard Branson and Madonna live or have lived in Kensington.