Incomes in plush London neighbourhood reach high

LONDON – The average annual income for households in Britain’s wealthiest area has topped 100 000 pounds (N$1,5 million) for the first time, figures published Friday showed.

The Royal Borough of Kensington and Chelsea, west London, is a favourite spot for financiers from the City of London financial district and famous residents include Chelsea Football Club owner Roman Abramovich and Formula 1 boss Bernie Ecclestone. With an average income of 101 600 pounds, up seven per cent on last year, Kensington and Chelsea is well ahead of second-placed Westminster, central London (81 425 pounds) and Hampstead and Highgate, north London (77 500 pounds) in third.The rich list, compiled by Barclays Bank from details of their clients, is dominated by areas in the south of England, which has long been wealthier than the former industrial heartlands in the north.”Kensington has always been a Mecca for the wealthy in London, but this is a first even for that wealthy borough,” said Bret Packard, managing director of Barclays Premier Banking.”No doubt the influx of high earners not just from the UK but from overseas has had a positive impact on average incomes.”Kensington and Chelsea also contains the most expensive street in Britain – Kensington Square – where the average house price is 5,5 million pounds.Nampa-AFPWith an average income of 101 600 pounds, up seven per cent on last year, Kensington and Chelsea is well ahead of second-placed Westminster, central London (81 425 pounds) and Hampstead and Highgate, north London (77 500 pounds) in third.The rich list, compiled by Barclays Bank from details of their clients, is dominated by areas in the south of England, which has long been wealthier than the former industrial heartlands in the north.”Kensington has always been a Mecca for the wealthy in London, but this is a first even for that wealthy borough,” said Bret Packard, managing director of Barclays Premier Banking.”No doubt the influx of high earners not just from the UK but from overseas has had a positive impact on average incomes.”Kensington and Chelsea also contains the most expensive street in Britain – Kensington Square – where the average house price is 5,5 million pounds.Nampa-AFP