London is one of the most expensive cities in the world, with property prices consistently ranking among the top 10 most expensive housing markets in the world. London property prices are comparable to those in Paris, Sydney, Monaco and Hong Kong with house prices 10 times average earnings. According to The Economist Intelligence Unit, London is now the 17th most expensive city in the world.

​​Interesting fact: Adele, a famous singer, moved to Los Angeles because she could not afford London house prices.

The average price for property in London stood at £674,684 in December 2021, as a result of the post-pandemic shake-up in the housing market. This is a rise of 1.02% in the last three months (since September 2021).

​​The most expensive postcodes in London are almost all in the west of the capital, with Kensington and Chelsea the most expensive places to live in the UK.

Here are London’s top 10 most expensive streets with postcodes:

1. W1 (Mayfair, Marylebone, Fitzrovia, Soho)

The average price in 2021 -  £2,403,021

Property range - £375,000 - £11,950,000

2. SW7 (South Kensington, part of Knightsbridge)

The average price in 2021 - £1,905,831

Property range - £399,950 - £10,950,00

3. NW3 (Hampstead, Belsize Park, Primrose Hill (north)

The average price in 2021 - £1,897,477

Property range - ​​£250,000 - £4,000,000

4. NW8 (St John's Wood, Primrose Hill (south), Marylebone (north))

The average price in 2021 - £1,803,871

Property range - £439,950 - £11,350,000

5. SW10 (West Brompton, part of Chelsea)

The average price in 2021 - £1,592,076

Property range - £300,000 - £6,500,000

6. W8 (Kensington, Holland Park)

The average price in 2021 - £1,463,235

Property range - £360,000 - £5,850,000

7. W11 (Notting Hill, Ladbroke Grove (south) and part of Holland Park)

The average price in 2021 - £1,267,500

Property range - £250,000 - £8,000,000

8. SW3 (Chelsea, Knightsbridge)

The average price in 2021 - £1,170,707

Property range - £285,000 - £3,950,000

9. W2 (Paddington, Bayswater, Hyde Park, part of Little Venice, part of Notting Hill)

The average price in 2021 - £1,110,596

Property range - £200,000 - £7,950,000

10. SW1 (Knightsbridge, Belgravia, St James's, Westminster, Victoria, Pimlico, Sloane Square and part of Chelsea)

The average price in 2021 - £1,042,782

Property range - £50,000 to £2,500,000

Summary:

London has always been a popular UK city for people to live in. The jobs, culture, and cosmopolitan lifestyle draw more residents each year. Compared to the rest of the UK, house prices in London have always been higher due to high domestic and international immigration to the city and sluggish housing growth.