Three more London neighbourhoods now have average house prices more than £1 million

London’s house prices are continuing to go up and up. Three more London neighbourhoods have just entered the £1 million bracket for the average house price.  

According to research from Savills reported by the Standard, South Hampstead, Ravenscourt Park and West Putney have all just entered the million-pound club, as London’s most moneyed residents are starting to spread beyond the more traditional posho neighbourhoods of Kensington and Chelsea, Hampstead Village and Notting Hill. 

Per the figures, the average house prices in the three micro-neighbourhoods have all risen over the past year, despite house prices falling across London by 2.4 percent since the summer of 2022. The average price of a house in South Hampstead, Ravenscourt Park and West Putney is now £1,007,872, £1,223,973 and £1,351,501, respectively. 

Why did this come about? According the the Standard, there are a number of reasons. While sales in London’s most prime, central London locations have slowed down due to changes to non-dom tax regulation, the neighbouring Zone 2 spots are becoming increasingly popular with wealthy families looking for leafy, spacious neighbourhoods with large houses and good schools. 

Meanwhile, there has been a reversal of the exodus we saw during the pandemic. Essentially, many deep-pocketed people that fled London during Covid are all making their return. It means that neighbourhoods with an average house price of £1 million outside the capital are dropping in number, while in the city they are on this rise. 

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