What is the most expensive house in London?
With prices in the multiple millions, most of us can only dream of living in the English capital city. But whether you’re imagining a big lottery win, or wishing away your daily commute, just what is the most expensive house in London?
Property prices have soared for a number of reasons. There has always been high demand to live in London for the glamour, culture and access to highly paid jobs. And the supply of new homes and apartments has failed to keep up with the numbers needed to match population growth. Combine that with the influx of overseas investors, and even those fortunate enough to qualify for mortgages on million-pound homes can face huge competition to secure a new property.
The average property price in March 2021 was £256,405 across the UK, which was an increase of 10.2% on the previous year. But for London that figure rises to £500,310, an increase of 3.7%. But even if the lower end of the housing market might have seen slower growth, the most expensive homes and mansions still command exorbitant amounts.
So, whether you’re a billionaire investor, or you are just curious, where are the most expensive homes and properties in London?
The most expensive postcode in Central London
It will always cost more to be at the heart of the city, but with an average house price of slightly more than £2 million, the W1K postcode is the most expensive postcode in London for property.
The area of Mayfair and St James doesn’t just boast a central location close to Westminster, Buckingham Palace and Knightsbridge. It’s also one of the greenest options in central London, overlooking Hyde Park, and nearby Green Park and St James’s Park.
So, with the most open space, a prestigious postcode, and all the nearby attractions, it’s not surprising that buying in W1K will command a hefty premium. Other Mayfair and St James postcodes also command a high price with W1J and W1S properties also topping £2 million.
It means that you’ll be paying around £2,619 for every square foot of space. For the typical UK house price, you’d be able to afford 98 square feet (or approximately 9 square metres) in a W1 postcode.
For those of us on a slightly tighter budget but still wanting a premium central London postcode with access to open spaces, neighbouring Knightsbridge and Belgravia offers properties in SW1X and SW1W with average values of around £1.2 million.
The most expensive street in London
It might surprise you, but the most expensive road for houses in 2020 wasn’t in the W1K postcode. In fact, it was Avenue Road in St John’s Wood, in North West London. The area is mostly known for Lord’s Cricket Ground and the Abbey Road Studios used by the Beatles.
Heading north from Regent’s Park, the houses sold on Avenue Road in 2020 had an average price of £30.5 million, making it the most expensive street in the UK. Research by Lloyds Bank placed it ahead of Tite Street in Chelsea (average £28.9 million) and South Audley Street in Mayfair (£22.8 million).
The annual figures do depend on the properties put on the market over the last 12 months, but the average price of a home on any of the top 10 richest roads in Britain increased by more than £4 million in 2020, and all were located in Greater London.
The most expensive private homes in London
With so many premium properties, how do you claim the title of the most expensive private home in London? By combining two mansions in Mayfair into a 43,000 square foot property which has a valuation of £250 million.
The creation of Phones 4u founder John Caudwell, the eight floor “mega-mansion” has 15 bedrooms, a 120-capacity ballroom, opulent home cinema, and a stacking system to park eight cars. Along with both an indoor pool and a river flowing through the centre of the house.
While it’s easy to be envious, the home is primarily intended to be used for the Caudwell Children charitable foundation, which supports disabled children and their families.
Until Caudwell puts his home on the market, the record price to have been paid for a London property is upwards of £200 million, for the 20-bedroom Rutland Gate mansion in Knightsbridge.
The 62,000 square foot building was originally built as four separate townhouses, which were combined in the 1980s to create a property with around 45 rooms including a swimming pool, health spa and gym. The new owner is property tycoon Cheung Chung-kiu, whose company also bought the Leadenhall Building, famously known as The Cheesegrater, in 2017 for £1.15 billion.
While you might think of a flat or apartment as a cheaper option, the UK’s most expensive example has been listed for £175 million by billionaire property investor Nick Candy.
To be fair, the two-story, 18,000 square foot Knightsbridge home at One Hyde Park is the same size as 18 normal English houses, with five bedrooms, a 21-metre swimming pool, a wine room and cocktail bar. If that’s not enough, it also boasts a private cinema, library, and golf simulator. And to encourage offers, Candy has said he will consider offers in cryptocurrency, including Bitcoin.
Of course, sales prices are rarely publicly disclosed for such expensive properties. The six-storey Grade 1 listed 18 Carlton House Regency mansion was set to become the most expensive property sold in London and the UK. It was listed in 2013 for £250 million via a discrete sales brochure only including vintage photographs from the 1890s to display the interior, although it would appear it didn’t sell and is currently not listed.
The most expensive house in London
But if you’re looking for the most expensive place to buy in London, it’s estimated you’ll need around £1.3 billion if it ever came onto the market.
The valuation is for Buckingham Palace. The most expensive of the Queen’s royal residences in London, the price was calculated by Money.co.uk based on both the 77,000 square metre location in the capital, and the historical and cultural significance.
While it might not have some of the exotic features of the most opulent mega mansions, the average UK home buyer would take around 44,000 years to pay off a mortgage for Buckingham Palace, with monthly payments around £3,500,000. That’s assuming you had a 10% deposit of £130 million to invest.
By contrast, Kensington Palace was valued at a relatively affordable £147 million if it was ever listed for sale. A royal residence since the 17th Century, it’s the official London home of the Duke and Duchess of Cambridge, the Duke and Duchess of Gloucester, the Duke and Duchess of Kent, and Prince and Princess Michael of Kent. Luckily the original two-storey Jacobean mansion built in the village of Kensington in 1605 has been greatly expanded and renovated over the years.
The most affordable royal residence in Central London would be Clarence House if it came onto the property market. Located on The Mall, the official home of Prince Charles and Camilla, Duchess of Cornwall could be yours for an estimated £13.5 million if it was ever for sale. While it may be just 780 square metres, you do share a garden with neighbouring St James Palace, and the cost could be paid off in just 449 years based on an average UK salary.
Are you interested in selling your house for cash? National Homebuyers provide a quick, individual and no obligation valuation for properties and we guarantee that a cash offer will be made. We buy your house directly and privately, with no third party involvement, making it a simple and easy process.
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