Our latest research has highlighted which London boroughs are actually top of the property pile where the capital’s market is concerned.
Kensington and Chelsea is traditionally crowned the most expensive area in London with the highest average house price of all boroughs (£1,406,839), a cost per a square metre of £9,110, just short of Westminster at £9,330.
Kensington and Chelsea
Property Price per Square Meter
But using data on the surface area (m2) of each London borough accounted for by domestic residential property and gardens, and the cost of property per square metre, eMoov has highlighted that Kensington and Chelsea isn’t the most lucrative where the quantity of properties per square metre and their price tag are concerned.
Across London the average price per m2 is £2,401 with the average size across all boroughs reaching 16,229,094 square metres, putting the average value of the property wealth across the capital’s boroughs at £28.3bn+. At over £41.3bn+, the total value of residential property in Kensington and Chelsea is substantially higher than the average across London, but places only sixth in the rankings.
It is, in fact, Croydon that is home to the highest property wealth in the capital with over £77.2 billion in property across the borough. Property in Croydon goes for £2,150 a square metre and the combined area of residential property and gardens across the borough is 35,920,000.
- #1 Croydon: £77,228,000,000
- #2 Richmond upon Thames: £58,732,800,000
- #3 Barnet: £49,527,220,000
- #4 Bromley: £43,540,090,000
- #5 Westminster: £42,218,250,000
When multiplying the total residential area by the price per a square foot, Croydon is the leader by far, nearly £20 billion more than second-place Richmond upon Thames (£58.7bn+). Barnet (£49.5bn+), Bromley (£43.5bn+) and Westminster (£42.2bn+) complete the top five.
When looking at the capital’s non-domestic property assets it is Westminster where the highest value is found. The area isn’t home to the largest quantity of commercial property per square metre in London, at £620 a square metre, the total value of Westminster’s non-domestic property assets is over £2.3bn – over double that of the London average. Southwark (£2.1bn+), Hillingdon (£1.9bn+), Brent (£1.8bn+), and Ealing (£1.7bn+) complete the top five where London’s commercial property wealth by borough is concerned.
Kensington and Chelsea certainly rules the roost where the premium price tag and cost to individual home buyers are concerned, but as this research shows, it isn’t the wealthiest in terms of the sheer quantity of the property assets located across the borough. When taking into account the size of each boroughs property portfolio it provides an alternative look at which parts of London are home to the greatest accumulation of property wealth. Of course, the outer boroughs of London dominate as these are the locations that allow a larger ground area to be allotted to a residential purpose, but it is the recent trend of homeowners forsaking the city and looking to these more affordable outer boroughs that has seen prices increase there, and in turn, push them up these rankings. Russell Quirk