Parts of London where a single step will cost you hundreds

Although it may be home to the highest average house price, Kensington and Chelsea is currently playing second fiddle to Westminster where the total value of property sold is concerned, as well as the property value per single step in each borough.

The latest research from high-net-worth (HNW) mortgage broker, Enness Global, analysed the total value of residential property sold in each borough of London over the last year.

The research shows that while Kensington and Chelsea may usually take the crown as London’s most prestigious property hotspot, Westminster currently ranks top with over £6.4bn worth of property sold in the last year compared to just £3.3bn in Kensington and Chelsea.

Wandsworth (£3.276bn), Camden (£2.869bn) and Lambeth (£2.354bn) also rank within the top five boroughs for the highest value of property sold in the last 12 months.

Enness then looked at each borough in terms of its size based on converting total square meterage into a single square step in any direction. Enness then looked at the total value of property sold and what this value equated to as a single step in each borough.

The City of London is home to the most expensive step where property prices are concerned, with homebuyers paying out £370 for every one step within its boundaries.

However, for London borough purist Westminster again tops the table beating Kensington and Chelsea. Based on sold prices over the last year, a single step in the City of Westminster will currently set you back £227 in property prices.

In Kensington and Chelsea, a single step currently costs £208 in property prices, while Camden is the only other borough to see this property price per step hit three figures (£100).

Islington (£91), Hammersmith and Fulham (£88), Tower Hamlets (£86), Hackney (£81), Wandsworth (£73) and Lambeth (£67) also rank high.

Due to their much larger sizes and lower values of property sold, Havering (£9), Hillingdon (£9) and Bromley (£11) are home to the lowest property value per single step of all London boroughs.

Group CEO of Enness Global Mortgages, Islay Robinson said, “The high cost of buying in the most prestigious pockets of the London property market is no secret, but when you break it down to the property cost per single step, it highlights just how much money is transacting at the top levels.

“In the last year alone, billions of pounds have been spent on prime central London property in particular, and this is against a backdrop of prolonged political uncertainty, followed up with a period of pandemic paralysis.

“Despite these tough market conditions, the amount spent across the likes of Westminster and Kensington and Chelsea equates to hundreds of pounds for every step you take within their boundaries.

“This demonstrates the appetite for London property and proves that the capital remains a pinnacle of the global market regardless of what is thrown at it.”