The London borough of Kensington and Chelsea has been dubbed the ‘least affordable’ place to buy a home in the UK, according to research by the Office for National Statistics. Figures show properties in the pricey postcode remain the least affordable, typically costing 36.5 times average earnings.
The average UK house price in January was £274,000 – £24,000 higher than the year before. The average four-bed property in Kensington costs £2.3 million and a one-bed flat costs £780,690, according to Foxtons estate agents.
Houses in Kensington and Chelsea can cost up to £37 million, with studio flats advertised for rent at £1,000 a month without showers or toilets. Local homeowners include the Royal Family and the Beckhams, and it is not unusual for parking spots to be sold for six-figures.
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There are more than 3,000 people waiting for council housing in the area. The local council is trying to crack down on multi-millionaires combining multiple properties to make mega mansions by introducing new planning rules that ban them from knocking down walls or building tunnels through neighbouring homes.
Singer Adele reportedly bought two mansions next to each other in Kensington last summer and combined them to make her dream home. Kensington and Chelsea Council has approved 77 applications to join up properties since 2018.
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The ONS report said average house prices in England and Wales are now at record levels. Earners in England could typically expect to spend around 9.1 times their income on buying a home in 2021 – an increase from 7.9 times income in 2020. In Wales, the figure rose to 6.4 from 5.8. The research also found new homes remained less affordable than existing ones in both England and Wales.
Kensington and Chelsea Council’s deputy leader Kim Taylor-Smith previously told the Local Democracy Reporting Service: “It’s more important than ever for everyone – government, councils, housing associations and communities – to work together to increase the supply of affordable housing.
“We are already taking other steps, including charging a premium on council tax for empty homes and looking into powers to bring them back into use so that some of the more than 3,000 people on our housing waiting list can have a safe, affordable place to call home.”
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