Six figure sums for an average home in London
Recent reports on the property market have shown that London property prices are showing no signs of drastically falling any time soon. In fact, buying a home in the capital is becoming increasingly difficult for local residents too. The UK’s number one property website, Rightmove, found that the average house price in London was £510,309. However this figure pales in significance to one of the most affluent parts of London – Kensington and Chelsea.
Property Values
The average asking price in the Royal Borough of Kensington and Chelsea is an astounding £2 million. This figure has trebled over the past decade as it was £650,600 in 2002. A major contributor to the escalating value is the surge of overseas buyers, looking for a good investment as the economic situation in the rest of the Europe remains highly unstable.
For many people, owning a property in this location is highly unlikely at present. If being able to fund the purchase of these premium buy-to-let properties were easy, you can be certain searching for reliable landlord insurance would be a serious concern. But it doesn’t prevent the general curiosity about these homes and the areas in which they are situated.
Landmarks and Tourist Attractions
The most popular places to visit include Harrods department store, The Royal Court Theatre, The Chelsea Flower Show, Kensington Palace, Notting Hill, Portobello Road and Sloane Square. Upmarket shopping is a key attraction not only for tourists but for local residents and Portobello Road market provides a quirky, bohemian atmosphere for antique purchases and fresh produce.
The area also has a rich history dating back most notably to 1689 when King William III moved into Kensington Palace. A majority of the properties available were built during the Georgian and Victorian eras which add great value. In addition to this, many of the larger luxury buildings have been converted into maisonettes and flats with refined, modern interior designs.
Almost every inch of this borough is prime real estate with connections and facilities mirroring the finesse and elegance of its buildings and residents.