{"id":432949,"date":"2025-09-18T06:00:14","date_gmt":"2025-09-18T06:00:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/432949\/"},"modified":"2025-09-18T06:00:14","modified_gmt":"2025-09-18T06:00:14","slug":"three-luxury-london-neighbourhoods-join-the-1-million-house-prices-club","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/432949\/","title":{"rendered":"Three luxury London neighbourhoods join the \u00a31 million house prices club"},"content":{"rendered":"

\"Homes<\/p>\n

South Hampstead<\/a>, Ravenscourt Park<\/a> and West Putney<\/a> have been named as London<\/a>\u2019s newest luxury villages, each with an average house price that has broken through the \u00a31\u2009million ceiling in the past 12 months \u2014 despite sluggish homes sales across the capital. <\/p>\n

London house prices have fallen 2.4 per cent since the summer of 2022, with sales activity bogged down by stamp duty, high interest rates and crushing affordability levels. <\/p>\n

Transaction volumes have been even slower in the capital\u2019s most exclusive central neighbourhoods (dropping six per cent in the 12 months to August). According to one estate agent, \u201cthe local markets of Regent\u2019s Park and Marylebone have fallen off a cliff over the last 12 months\u201d \u2014 and the average house price across the whole of Kensington and Chelsea has fallen by a fifth over the past three years. <\/p>\n

According to research from Savills, the three micro-neighbourhoods of South Hampstead, Ravenscourt Park and West Putney, all in travel zone two, have been sheltered from the headwinds that have swept through what is known as prime central London. But why? <\/p>\n

The quiet appeal of the B-list<\/p>\n

Changes to non-dom tax regulation and an extended build-up to the late autumn budget, dominated by fears of further tax rises, put the brakes on the central London property<\/a> market this summer. These markets tend to be discretionary, and sentiment driven, as the very wealthy seldom have to sell. <\/p>\n

London\u2019s new \u00a31\u2009million villages are a stone\u2019s throw from such prime real estate, but sales activity in these parts is driven by necessity as families grow and school selection becomes paramount. These are leafy, quiet areas with attractive terraced houses and villas, bustling high streets and good schools. As a result, they are unwaveringly popular with families. <\/p>\n

Although expensive, house prices go much further and in terms of status postcodes they ride on the coat tails of their elite neighbours. \u201cSouth Hampstead has quietly maintained its appeal among buyers, thanks to a combination of strong school access, good value housing stock, and proximity to neighbouring \u2014 and pricier \u2014 hotspots like St John\u2019s Wood, Hampstead Village and Belsize Park,\u201d says Sophie Adams from House Collective. \u201cSchools are a major draw to South Hampstead, there\u2019s a cluster of well-regarded options around here,\u201d she adds, pointing to South Hampstead High School, the Hall and Southbank International. \u201cMany buyers base their search around being in walking distance to one of these schools but it is not uncommon for people to stay long after their children have left school and home.\u201d<\/p>\n

Microhoods that broke through the \u00a31m average house price ceiling and stayed there in 2025<\/p>\n