It is no secret that London has been realizing house price increases while other areas of the UK and Wales have experienced declines in house prices.  The London area has been comfortably selling high end properties and Kensington has come to the top for the area of the richest properties.  According to the property search Web site Zoopla, the Kensington area has an average asking price on properties of £1.87 million.  The most expensive homes in Kensington reside on Kensington Palace Gardens with the average home value resting at £22.17 million.

Part of the positive movement in the housing market in London is due to overseas investors viewing London as a secure investment area that is outside of the eurozone crisis.  Britain of course has its own pool of wealthy investors being home to 245,790 property millionaires which is a 12% increase over the level recorded last year.  Of those millionaires, 35% of them reside inside of London and even more are likely investors in the area.

Zoopla found that property values in London are nearly ten times the level of other parts in the country.

Nicholas Leeming, business development director at Zoopla.co.uk, said, “While the majority of the country's homeowners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run over the past year.

“International demand for prime properties in the nation's premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots.”