Strong domestic demand has made Chelsea London's most expensive area, exclusive research for The National conducted by Savills Research has found.
Last year The National exclusively revealed London's 10 most expensive postcodes, but this year marks a first for Savills, with a change of metric to areas.
"Postcodes somewhat blurred the lines as SW7 can be construed as both Knightsbridge and South Kensington," said Alex Christian, London director at Savills London Private Office.
What hasn't changed is how the list is compiled, with both the most expensive areas and postcodes based on the number of £5m-plus property transactions.
Figures for this year's list are from January 2020 and June 2022, with an addition being a breakdown of the transactions proportionally.
In total, the top 10 comprises 71.2 per cent of the total number of £5m-plus property transactions that took place across London during this period.
10 most expensive areas in London*
1. Chelsea (140/12%)
2. Kensington (131/11%)
3. Belgravia (120/10%)
4. St John's Wood (85/7.2%)
5. Mayfair (82/6.9%)
6. Knightsbridge (76/6.4%)
7. Marylebone (64/5.4%)
8. Notting Hill (60/5.1%)
9. Hampstead (50/4.2%)
10. South Kensington (10/3.0%)
*(number of transactions/percentage of transactions)
Domestic buyers dominating London prime
Although the data isn't broken down into domestic and international buyers, given it spans much of the coronavirus pandemic, when UK travel rules and high numbers of infections deterred interest from abroad, Mr Christian is confident the top 10 has a distinctly home-grown flavour.
"There have been very few transactions done internationally this year until late spring, probably from May onwards when we have actually seen numbers swell quite a lot," he said.
"We just didn't really see it in the early part of the year. [International transactions] were fairly prevalent at the back end of last year when travel restrictions were eased but faded when Omicron was identified in England.
Why Chelsea is London's most expensive area
Somewhat paradoxically, Chelsea's pre-eminence is largely down to the desirability of neighbouring Notting Hill.
"I think one of the reasons Chelsea's at the top of this is that it's probably absorbed quite a lot of the demand that was trying to buy Notting Hill but couldn't find the right thing at the right price," said Mr Christian.
The trend shows the microclimatic nature of prime London property: Notting Hill and Chelsea are contiguous, yet their property characteristics are markedly different.
"I think a lot of people have actually been priced out in Notting Hill," said Mr Christian,
"For some modernised houses in the area, prices have hit an unheard of £4000 pounds per square foot ― that's more than you're paying in Mayfair, Knightsbridge and Belgravia for modernised houses.
Mr Christian believes the mix of "exorbitant premiums" and limited stock in Notting Hill pushed them towards Chelsea where prices are (relatively) cheaper and stock more abundant.
Top 5 most expensive properties in Chelsea — in pictures
1. Walton Street - Guide price £39,500,000. All photos: Savills
2. Fulham Road - Guide price £15,000,000.
3. Chelsea Manor Street - Guide price £8,950,000.
4. Embankment Gardens - Guide price £6,950,000.
5. The Sloane Building - Asking price £2,400,000.
The allure of Notting Hill
Notwithstanding stock and price issues, Mr Christian is still a touch surprised about the 2022 data.
"If you were asking me without showing me these figures where the deals would have been done, I would have named Notting Hill and Holland Park," he said.
He listed its architecture, amenities and proximity to leafy areas as being part of the attraction — as well as the tribal nature of buyers there.
"A lot of the domestic money has been made in private equity, and that's where [many financiers] live — and they all like to be among each other and show off about how good the house they've been able to buy is," he said. "It's a bit of a chest thumping exercise!"
Domestic buyers are drawn to leafy Notting Hill like moths to a flame. Reuters
London prime continues to expand
The London prime market isn't just heterogenous, it is also extremely fluid — and rapidly expanding.
Battersea, Wimbledon, Barnes, Clapham and Wandsworth are the areas in south-west London that had the largest number of £5m-plus sales during the monitored period, Savills data showed.
The numbers weren't high enough for these areas to make it into the top 10 of London's most expensive areas, but Mr Christian thinks it may not be long until they do.
"The majority of the domestic market for quite a long time has wanted to live in a community and I think this has been exacerbated by Covid," he said.
"So much is about living where you feel comfortable in terms of having similar sorts of people with families living around you and all the things that families want in terms of more of a community feel, more greenery, and more local shops and restaurants."
Return of international buyers to London's prime's holy trinity
This isn't to say the London prime's traditional heartlands of Mayfair, Belgravia and Knightsbridge are set to fall further down the list in years to come. Mr Christian is expecting a significant return to the areas by international buyers.
"We'll probably certainly see a considerable slowdown in the domestic market. I think we're seeing that in at the moment," he said.
"And I think their shoes will be filled by international buyers who are looking to take advantage of a weak pound [to exploit the fact] UK property is seen as being a safe haven and a very good hedge against inflation."
If this prediction proves correct, it is likely next year's data will see a bounce in demand across Mayfair, Belgravia and Knightsbridge, the three perennial favourites of foreign investors.
Even in the 2022, the desirability of flats in Mayfair is apparent.
"There's been a lot of deals done in Mayfair in the new schemes like Number 1 Grosvenor Square," said Mr Christian.
"I think that's why Mayfair is up there. I think if you took these deals out, it would be right down the bottom somewhere."
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
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Jordan cabinet changes
In
Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
Dr Bassam Samir Al Talhouni, Minister of Justice
Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
Falah Abdalla Al Ammoush, Minister of Public Works and Housing
Basma Moussa Ishakat, Minister of Social Development
Dr Ghazi Monawar Al Zein, Minister of Health
Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
Hala Noaman “Basiso Lattouf”, Minister of Social Development
Dr Mahmud Yassin Al Sheyab, Minister of Health
Yahya Moussa Kasbi, Minister of Public Works and Housing
Nayef Hamidi Al Fayez, Minister of Environment
Majd Mohamed Shoueika, Minister of Public Sector Development
Khalid Moussa Al Huneifat, Minister of Agriculture
Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
Mounir Moussa Ouwais, Minister of Water and Agriculture
Dr Azmi Mahmud Mohafaza, Minister of Education
Mokarram Mustafa Al Kaysi, Minister of Youth
Basma Mohamed Al Nousour, Minister of Culture
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
A targeted global asset freeze and travel ban on Iranian individuals and entities
Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
The National selections
6.30pm: Final Song
7.05pm: Pocket Dynamo
7.40pm: Dubai Icon
8.15pm: Dubai Legacy
8.50pm: Drafted
9.25pm: Lucius Tiberius
As You Were
Liam Gallagher
(Warner Bros)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
