A look at the Global property guide is fascinating. What it reveals is that London sports the second most expensive property per square metre in the world, only defeated at the finish line by the tourism and Formula 1 haven, Monaco (Monaco also boasts the lowest poverty rate and highest number of billionaires in the world, mostly financed by tourism). This means that London property is more expensive than some of the most densely populated cities in the world: New York, Hong Kong and Tokyo. And it’s certainly more expensive than property in the rest of the UK per square metre - even proving more expensive than country mansions in this regard.
A recent report in the Telegraph compared the price of a Georgian mansion for sale to the price of a two bedroom flat in London’s most exclusive areas revealing: “Should the prospective buyer happen to own a two-bed flat in one of London’s most expensive areas, he or she will probably be able to trade up (to the Georgian Mansion) and have some change left for furnishings.” Per square foot, the price was about £97, which is one eightieth the price of a property on One Hyde Park.
Some other interesting facts about London’s priciest areas:
- A five bedroom apartment in Kensington, complete with pool and gym, will set you back a mere £30 million, whereas a similar home in London’s historic area reserved for the mega rich, Belgrave Square, will set you back a little more with selling prices in excess of £35 million.
- A ten bedroom home in Kensington is worth more than Buckingham Palace; Elena Franchuk’s luxury home is worth $1.58 whereas Buckingham Palace falls a little short of record-breaking status at $1.55 billion.
- Even a demolition project in London’s exclusive areas is far beyond the average person’s budget with a Mayfair mansion going on sale for £35m, with permission already granted to knock it down.
- As is fitting for the golden capital, 1.3 million people are estimated to move into and out of London each year.
- London is the financial capital of the world: there are more American banks in London than in New York.
- Kensington and Chelsea-ites live longer on average than other Londoners; and Londoners live a few months longer on average than people in the rest of the UK.
- Certain parts of London are so expensive that someone worked out that it could be cheaper to live in Barcelona and commute to London every day.
There are pros and cons when property prices become so inflated in a certain area - the obvious advantages being for people who own property in London, and those trying to own property in London being put at a greater disadvantage. But there is light at the end of the proverbial tunnel. Many of London’s outlying areas are still affordable, and with excellent - albeit costly - transport links, commuting to London is always a possibility. While commuting from Barcelona to London may be farfetched to say the least, many people do in fact commute from Italy and France to pursue lucrative work in Monaco.
If you want to embrace this European commuter culture to optimise your income and reduce your living costs, let our clicks and mortar agency be your guide.