Kensington named UK’s priciest postcode to live

THE KENSINGTON postcode W8 is officially the most expensive area to live in the UK, according to a “property rich list” released by real estate website

Average house prices in W8 soared 9.4 per cent over the past year, meaning the average property in the postcode will now set you back £1.55m.

Only four other neighbourhoods in the country boast an average property price of over £1m, including SW7 in Knightsbridge, SW3 in Chelsea, W11 in Notting Hill and SW10 in West Brompton.

The UK’s most expensive street is Kensington Palace Gardens, home to steel magnate Lakshmi Mittal, Britain’s richest man, as well as Gulf royals and billionaires from around the world. Houses on the exclusive street are worth an average of £18m.

High demand for property in London kept prices in the capital substantially higher than in other parts of the UK, with only one non-London postcode – GU25, or Virginia Water in Surrey – making the top ten most expensive areas to live.

But the survey also showed that house price growth is gaining traction again in all areas of the country, with average prices increasing over the past year in both the ten most expensive and the ten least expensive postcodes.