Super-rich push up London house prices

The international rich are driving house prices in parts of London up as they seek exclusive second homes.

The website Forbes.com recently published a list of Britain’s most expensive postcodes. All the top five neighbourhoods were in Central London. They were SW3, which is Brompton in Kensington and Chelsea, SW1X (Knightsbridge), SW1W (Belgravia), W8 (Kensington) and NW8 (St John’s Wood).

Average house prices in Brompton reached nearly £2 million in the last year, with the area particularly popular with international buyers and those in the financial market.

While there are increased fears of a slowdown in the national housing market, prices have risen greatly in some of Britain’s prime areas. For example, South Kensington has seen an increase of more than 60% over the last year.

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