The scary-hot London real estate market is, to put it bluntly, stupid expensive.
In October alone, prices jumped 10%, in part driven by foreign buyers. And as one now-viral London blogger found it, it’s potentially cheaper to live in Barcelona and commute four days a week than to call London home.
The housing experts at Knight-Frank shared their analysis with Business Insider, showing which of the city’s boroughs have seen the most price growth.
Kensington and Chelsea rank first with 38% price growth in the past three years, followed by Westminster (33%) and Hammersmith and Fulham (29%). Southwark, Camden, and Hackney neighborhoods have also seen staggering growth.
Knight Frank provided the hottest streets in some of the boroughs with comment on why (price growth from September 2010-September 2013):
Richmond: 18% price growth
Hottest Street: Montague Road
“Montague Road is a wide, quiet residential road with large semi-detached and detached family houses close to the centre of Richmond and all amenities including superb schools. Generally they have good size gardens and off-street parking. In excess of £1,000 psf, typical property is £4m+,” writes Luke Ellwood, Partner Knight Frank Richmond.
Lambeth: 23% price growth
Hottest Street: Macaulay Road
“A wide tree lined road with very large detached houses many with carriageway drives and coach houses located close to Clapham old town and off Clapham common £4m -£6m+. £900-1100 psf,” writes Sam Sproston, Partner Knight Frank Wandsworth.
Wandsworth: 23% price growth
Hottest Street: Spencer Park
“Spencer Park has access to a 4 1/2 acres private communal garden to the rear which only 25 houses have the access privilege to. To the front, you have direct common views £4-8 million. £1000-1300 psf,” writes Sam Sproston, Partner Knight Frank Wandsworth.
Islington: 25% price growth
Hottest Street: Alwyne Villas
“£1397 psf (highest recorded in 2012). Reason: one of only two roads in Canonbury which backs on to and has access to the secret “Alwyne Gardens” and as such commands a premium,” writes Daniel Omell, Partner Knight Frank Islington.
Fulham and Hammersmith: 29% price growth
Hottest Street: Napier Avenue
“£1200 psf properties average around £4m. Reason: It has the largest properties in Fulham. Eastside looks over Hurlingham Park and it also runs alongside Hurlingham Club,” writes Anne Soultry, Partner Knight Frank Fulham.
City of Westminster: 33% price growth
Hottest Street: Hyde Park Gardens
“Flats achieving over £2000 price per square foot (psf). Flats on the market range from £3,350,000 to £13,500,000. Reason: It faces south over Hyde Park with the benefit of beautiful communal gardens. White Stucco fronted – old world glamour, high ceilings, rooms with beautiful proportions, very light (south facing),” writes Fenella Freeland, Partner Knight Frank Hyde Park.
Kensington and Chelsea: 38% price growth
Hottest Street: Kensington Palace Gardens
“Kensington Palace Gardens is the world’s most prestigious address. It comprises approximately 30 substantial detached villas set in a wide, tree lined avenue with manned security gates at both north and south entrances. It is situated at the western side of the Park (Kensington Gardens and Hyde Park) and is adjacent to Kensington Palace, home to Prince William and Kate. The houses range in size from approx. 15,000-40,000 sqft and with carriage driveways to the front and private gardens to the rear. Values are in the region of £6,000-8,000/sqft. The houses are home to a number of embassies as well as wealthy families including the Mittal, Blavatnik, Abromovich and the Sultan of Brunei,” writes Tim Wright, Partner, Knight Frank Prime Central London.