Kensington, W8, is the most expensive neighbourhood in the UK to live, with average house prices in the London borough coming in at almost GBP 1.75 million. Britain's Property Rich List 2011, released by Zoopla.co.uk, has found that Britain is now home to 220,131 property millionaires.
The top ten most expensive neighbourhoods in the country are almost entirely in the capital, with the only exception being seventh placed Virginia Water, Surrey GU25, where average house prices are GBP 936,653.
However, even the top end of the market is not immune to wider economic conditions. Nine out of the top ten neighbourhoods on the list have seen average house prices fall over the past 12 months, with the only exception being Hampstead, London NW3.
According to the research, the most expensive area to live in Britain is Windsor and Maidenhead where average house prices stand at GBP 389,120, just ahead of the average in London (GBP 387,119).
"This year's Property Rich List shows an ever-widening North-South divide and whilst house prices in some of the most expensive areas of the country have fallen a little over the past 12 months, they have held up far better than in many of the less expensive areas." Nicholas Leeming of Zoopla.co.uk, noted.