Kensington and Chelsea has been named the most expensive place in the UK to buy a property, with homes in this area coming on the market at nearly five times the national average.
According to Zoopla, homebuyers in London can expect to pay £1,185,200 in the west London borough, while the average for the UK is much cheaper at £261,600.
This is followed by the City of Westminster where house prices are typically £979,200, and Richmond upon Thames, with an average property value of £774,900.
The City of London (£761,500) and Camden (755,000) completes the top five most expensive location in the country to buy a home, with all of these being in the capital.
A spokesperson for Zoopla stated: “It’s no surprise that it’s London boroughs that are the most expensive places to buy a house in 2022.”
It added that they have seen low house price growths in these areas over the last year, compared with the national average. However, a meagre 1.5 per cent annual price change for Kensington and Chelsea resulted in an increase in value of £17,471, while a 5.3 per cent rise for Richmond still saw homebuyers having to spend an extra £38,870 in 2022 than 2021.
As the capital remains such a costly place to live, it is not surprising that property buyers are looking at suburbs like Cheam for reasonable alternatives.
The property website also revealed the cheapest places in London and the commuter belt areas to buy, noting that Thamesmead had a median value of £353,400 in September 2022.
If you’re looking to buy in London, contact our estate agents in Cheam village for help with your search.