While property prices in London are dropping due to current economic circumstances brought about by the COVID19 pandemic and events like Brexit, the capital has long been known as one of the most expensive places in the UK to purchase a house. And while the average property price in London is below £500,000, some properties in certain areas sell for millions. Whether you are interested in investing in an expensive property in London or are simply interested in finding out where you can find them, we’ve put together this guide to some of the most expensive homes in the city.
What’s the Most Expensive House in London?
Aside from the palaces, London is home to several mansions that are, simply put, quite pricey. In February this year, a Mayfair mega-mansion owned by Phones 4U founder John Caudwell turned two mega-mansions into one huge, expensive home that is set to be one of, if not the most expensive house in the UK. Located in Mayfair, already one of the priciest postcodes in the capital, the home was last valued at a whopping £250 million. The owner and former businessman John Caudwell purchased the home back in 2012 for £87 million and has spent the past few years renovating it – and more than doubling its value.
The home spans a massive 43,000 square feet, which is more than twice the size of the Royal Albert Home. Maybe it’s out of most of our price ranges, but if you want to get a glimpse inside this staggering property, you can learn more by watching the Channel 4 documentary Britain’s Most Expensive Home: Building for a Billionaire.
Who Owns the Most Expensive Property in London?
John Caudwell is a British businessman and philanthropist who made billions after co-founding the mobile phone retailer Phones 4 U. While Phones 4 U may no longer be a common sight on UK high streets any longer, Caudwell is doing well, investing in fashion, real estate, and several other industries. He is worth a whopping £1.576 billion and is ranked number 722 on the Forbes 2016 list of world billionaires. He is known for being the biggest taxpayer in the UK.
Despite now being the owner of the most expensive property in London and the whole of the UK, Caudwell came from more humble beginnings. He was born in Birmingham but grew up in Stoke-on-Trent, where he dropped out of sixth form to become an apprentice at Michelin where he gained an HMC in mechanical engineering. But the business-savvy side of one of the richest men in the UK was already flourishing as he ran a successful corner shop and a mail-order business selling motorcycle clothing while working at Michelin. In 1987, along with his brother Brian, he started Midland Mobile Phones as a mobile phone wholesaler – a company that made a loss every month in the first two years of operations. Eventually, the business became the Caudwell Group, which included the high-street mobile phone retailer known as Phones 4 U. The business was sold for £1.46 billion to private equity firms in September 2006.
Some Other Expensive Houses in London:
John Caudwell’s £250M mega-mansion might be making all the headlines but it’s certainly not the only expensive property in London. In September 2018, a huge six-bedroom detached property on Park Road sold for a whopping £8.5 million. Arguably the finest road in Richmond, Park Road is certainly a desirable London postcode and offers properties that balance outer Victorian architecture with sleek modern interiors.
In the City of Westminster, 72 Vincent Square, a large detached home close to iconic London landmarks like Buckingham Palace and Big Ben, sold for a cool £44 million. If you want to live in Vincent Square, you’ll be glad to hear that there might be cheaper options available as it is made up of just over 300 houses and flats, many of which are available to buy or let.
Cresswell Place in Kensington and Chelsea is home to a five-bed semi-detached home that sold for just over £21 million in April 2018. The royal borough of Kensington and Chelsea is one of the most prestigious and sought-after in the capital, along with being the smallest borough in the city despite having the fourth highest population density in the entire UK.
Where’s the Most Expensive Flat in London?
In 2018, One Hyde Park topped the charts as the most expensive property sold that year with one flat selling for a massive £160 million. And it’s easy to see why those with the cash would invest in a property here – along with the amazing location, this luxurious collection of homes offers a range of benefits that you wouldn’t get from standard semi-detached in the capital including a cinema, fully-equipped gym, virtual experience room, a 24/7 concierge and more.
The Belvedere at Hammersmith and Fulham is also home to some seriously expensive flats with prices of around £9 million. Built in 1986, the Belvedere is located on the riverside at Chelsea Harbour and it’s no surprise that prices are high with the stunning view over the Thames and access to the marina. These flats are close to a range of local amenities and offer various benefits such as private parking and a concierge.
Flats in Belgravia also fetch millions with a prime location and elegant properties that make this residential development one of the most highly sought-after postcodes on the entire continent. Direct transport links and luxury amenities such as Michelin star restaurants are just a stone’s throw away.
Carton House Terrace penthouse, a luxurious apartment with a rooftop terrace that offers stunning views of iconic London landmarks like Big Ben, the London Eye and The Shard, was put up for sale for a staggering £35m. The luxurious apartment includes crystal chandeliers, a rare stone finish in the bathroom, luxurious wooden flooring, and a tall leather headboard in every bedroom.
The Heron South Penthouse, priced at £15m, is another luxurious apartment in the centre of London that features exquisite marble floors and bespoke designer kitchens. The living room includes a grand skylight in the ceiling that seriously amplifies the amazing views over London. The apartment is over two floors connected with a grand staircase, which features an illuminated stone runner.
What is the Most Expensive Apartment in London?
One Hyde Park’s £160m apartment is currently at the top of the list for expensive apartments in London. Over two stories, the apartment block offers a huge range of luxuries available to residents including a 21m pool, cinema, and a private library. Listed as Apartment B and sold to an anonymous buyer, records show that this incredible and expensive apartment offers a gym, golf simulator, valet service, wine cellar and sauna.
Until John Caudwell’s mega-mansion was completed, the apartment at One Hyde Park was believed to be the most expensive home in the entire UK and was purchased with a mortgage from Credit Suisse Group AG. One Hyde Park opened in 2009 and is made up of almost 90 apartments. it was designed by Richard Rogers from Rogers, Stirk, Harbour and Partners and the interiors were designed by Candy and Candy.
Most Expensive House in London Ever:
While John Caudwell’s mansion might be the owner of the most expensive home in London right now, London’s most expensive home sold this year for £200m to a Chinese property tycoon. The massive forty-five mansion in the capital is the most expensive home ever sold in the UK. Cheung Chung-Kiu is the founder and chairman of property group CC Land, which also owns the £1.15bn Cheesegrater skyscraper in London. He agreed to purchase the 62,000 square foot mega-mansion for a price believed to be around £205-£210m.
The deal was brokered by Beauchamp Estates. A statement from the tycoon’s office said that he was considering whether the property should be used as a single home for private client use or converted into a luxurious multi-unit apartment scheme. Converting the property into apartments could result in a luxury residential scheme with an estimated value of £700M.
Overlooking Hyde Park, the seven-story home was built in the 1980s and the interiors were designed by French designer Alberto Pinto. Until his death in 2011, the property was owned by the former Crown Prince of Saudi Arabia. It has also been the home of late billionaire Rafic Hariri, who is also the former prime minister of Lebanon. The purchase was completed earlier this year making it the record-holder for the most expensive property ever sold in London and the UK.
London really does have something for everybody when it comes to the properties that are available. While the average house price in London is between £400,000 – £500,000, some properties are certainly way out of that range. Whether you’ve come into millions and want to purchase a luxurious property or simply like to check them out, London is certainly home to some of the most expensive homes in the UK.