The neighbourhood where an average home costs £1m: Figures show property in Kensington and Chelsea tops seven figures

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The neighbourhood where an average home costs £1m: Figures show property in Kensington and Chelsea tops seven figures

May 30th, 2012

FAKE NEWS for the Zionist agenda

The Land Registry figures show that prices have jumped by 11.6 per cent over the past year in Britain’s most exclusive neighbourhood
Those lucky enough to have bought 15 years ago would have quadrupled their money

By
Becky Barrow

PUBLISHED:

17:33 EST, 29 May 2012

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UPDATED:

19:16 EST, 29 May 2012

House prices are dropping all around Britain as the financial crisis grinds on unrelentingly.

But in one exclusive part of the capital records are being set – with the cost of the average home breaking through the £1million barrier.

Figures from the Land Registry yesterday showed that a typical property in Kensington and Chelsea would set a buyer back £1,022,515.

Sloane Avenue, Chelsea: £1million would buy a one-bedroom block with a 24-hour porter. The property extends to just 689sq ft

Those lucky enough to have bought 15 years ago – when the average price was just £240,000 – would have quadrupled their money.

Buyers are not guaranteed to get much for their cash, with a 689sq ft one-bedroom flat in the royal London borough on the market for a seven-figure sum.

The vendor is asking more than six times the price of the average home in England and Wales of £160,417. Space is at such a premium that a double garage in Knightsbridge has been put up for sale with the estate agency WA Ellis for an extraordinary £525,000.

The majority of buyers of these ‘prime’ properties are foreigners, according to another estate agency, Knight Frank. Over the past year, 55 per cent of its sales have been to non-Britons, with Russian, Indian and French buyers topping the list.

Chelsea Park Gardens, Chelsea SW3 - £11,250,000

This desirable property in Chelsea is on the market for £3,650,000

Expensive: This attractive property in Chelsea Park Gardens is on the market for £11,250,000 (left) while the classic Chelsea townhouse (right) has been priced at 3,650,000

Peter Rollings, of estate agents
Marsh Parsons, said: ‘London has become a store of wealth. We are
still selling to people who will not even live in the properties they
buy, and some will not rent them out. You can buy a one-bedroom flat in
Chelsea for £600,000, but to the man in the street this sounds
ridiculous.’

The Land
Registry figures show that prices have jumped by 11.6 per cent over the
past year in Kensington and Chelsea, putting more than £100,000 on to
the value of a home.

Nick
Gaunt, of Knight Frank in Chelsea, said: ‘In the last week or so, I have
dealt with Nigerians, South Africans, Irish, Italians and Iranians as
well as people from Turkey and Switzerland and of course the UK buyer.
They see London as a safe place to park their money.’

House prices are falling sharply in the majority of regions.

The average price of a home in Yorkshire and the Humber peaked in December 2007 at £145,227. Today the figure is £115,783
£1m in the Vale of Glamorgan will buy a six-bedroom Grade II listed mansion