Property in Kensington and Chelsea now costs more than £10,000 per square metre, the Halifax said today, making it the most expensive borough in the UK.
Prices in the district have shot up 56 per cent in the last five years – just behind Lambeth, where the cost has risen by 61 per cent.
The average property in the south London borough now costs £432,100, equivalent to £5,108 per square metre.
In third place is Lewisham where properties cost an average of £314,859, or £3,747 per square metre – up 53 per cent compared with 2009.
Measured by cost per square metre the most expensive 20 boroughs are all in London.
Across the capital as a whole, a square metre of property costs £3,952, up 32 per cent over five years.
Next most expensive is the south east at £2,434, up 13 per cent on the same period.