Why the 1 per cent are leaving Chelsea | Home

According to the old adage, birds of a feather stick together. This is certainly true of ultra-wealthy homebuyers, who a decade ago congregated in three southwest London postcodes — SW1 (Westminster, Knightsbridge, Belgravia), SW3 (Chelsea) and SW7 (South Kensington).

Today the super-rich are eschewing these old-money haunts, swapping Sloane Square for garden squares in west London. “Buyers have shifted their allegiance from Chelsea to St John’s Wood, from Knightsbridge to Notting Hill, and from South Kensington to Marylebone,” says Marcus Dixon, the head of research at LonRes, a property analyst.

This year fewer than 45 per cent of deals at the top end of the London luxury market have been in the original three postcodes. SW1’s proportion of high-end sales has falled from a third


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