The latest figures from the Office of National Statistics (ONS) reveal that Kensington and Chelsea remains the most expensive area to live in England. It has held this title since 1997, the first year the data was collected.
The data shows that the houses in the Borough cost residents almost 40 times annual earnings. This is a huge number and puts the local authority as the undisputed number one in the whole country. In comparison other Prime areas in London including Westminster (23), Camden (19.6), and Hammersmith and Fulham (19) are more affordable.
Only three London Boroughs have property prices less than ten times the average earnings. These were Havering, Bexley, and Barking and Dagenham. All three have increased in popularity over recent years though so it is only a matter of time before they catch up.
The boom in values since the statistics first began being recorded is incredible. In the first set of data a home in Kensington and Chelsea would have cost 11.8 times earnings. In 1999 Camden was below the ten mark, with homes worth 7.7 times earnings.
In 1999 five of the top ten least affordable local authorities were located in London. These latest figures show the capital now has seven areas. In addition nine of the ten biggest rises in the period were in the city.
With such high values it can be tricky to view investment properties in Kensington and Chelsea as a wise bet. Surprisingly though the market has remained one of the most in demand areas in the capital, particularly in terms of the most lucrative post codes. Homes in these areas can be very attractive prospects.
At Finefair we can help clients looking for investment properties in Kensington and Chelsea as well as those seeking to have their homes professionally managed. We can create the perfect service to suit any requirements. Simply get in touch to speak to a member of our team and explain your goals.