Westminster has always been synonymous with prestige, history, and some of the highest property prices in the UK. The borough combines the country’s political heart, world-famous landmarks, and elite residential districts. But how expensive is it really compared to other parts of London? This question matters not only to wealthy buyers but also to renters seeking central accommodation. Experts confirm that property values and rents in Westminster consistently rank among the highest nationwide. The area attracts both global investors and short- or long-term tenants in the luxury segment, according to The WP Times.
Property in Westminster: what drives the prices
Westminster includes some of London’s most prestigious districts such as Mayfair, Belgravia, Pimlico, and parts of Soho. Each of these micro-markets has unique dynamics, with price per square metre ranging from £13,000 to £25,000. Proximity to government offices, exclusive shopping streets like Bond Street, and access to private gardens all push prices higher. According to Savills data, the average property price in Westminster exceeded £1.2 million in 2024, while in Mayfair prime homes reached over £3.5 million. By contrast, the London average is around £550,000. Almost half of transactions involve international buyers, underlining the borough’s global appeal. Luxury developments often include concierge services, gyms, and underground parking — extras that further increase value.
Average property prices in London boroughs (2024):
| Borough | Avg. flat price (£) | Avg. house price (£) |
|---|---|---|
| Westminster | 1,200,000 | 3,500,000 (Mayfair) |
| Kensington & Chelsea | 1,450,000 | 3,800,000 |
| Camden | 850,000 | 1,400,000 |
| Greenwich | 500,000 | 950,000 |
| Croydon | 350,000 | 650,000 |
Renting in Westminster: how much does it cost
Renting a flat in Westminster means living steps away from Big Ben, Westminster Abbey, and Trafalgar Square — but it comes with a hefty price tag. On average, studios cost around £2,200 per month, one-bedroom flats between £3,000 and £3,500, while Mayfair apartments often exceed £6,000. Short-term rentals via platforms like Airbnb can reach £300 per night. Supply is limited due to the historic building stock, while demand remains steady from professionals, diplomats, and affluent families. The appeal lies not only in centrality but also in lifestyle: being close to Hyde Park or St. James’s Park boosts rental values significantly.
Average rental costs (2024):
| Type of property | Avg. monthly rent (£) |
|---|---|
| Studio | 2,200 |
| 1 bedroom | 3,000–3,500 |
| 2 bedrooms | 4,500–5,000 |
| 3 bedrooms | 6,000+ |
How Westminster compares to other boroughs
When discussing London’s priciest areas, Westminster is always compared with Kensington & Chelsea. Both are firmly at the top, but Westminster benefits from its political and cultural clout. Home to ministries, embassies, and iconic heritage sites, it offers a prestige unmatched elsewhere. By contrast, Camden and Islington appeal to younger professionals with more affordable but vibrant neighbourhoods. East London boroughs such as Tower Hamlets or Hackney still offer lower prices, yet they are catching up fast with regeneration projects. Rightmove data shows that only Westminster and Kensington consistently remain in the top three most expensive boroughs, cementing their status as elite areas far beyond the reach of average Londoners.
Prestige and cost ranking (2024):
- Westminster
- Kensington & Chelsea
- Camden
- Islington
- Tower Hamlets
- Greenwich
- Croydon
Transport and lifestyle: the cost of convenience
Living in Westminster saves commuting time. The borough is served by numerous Tube stations — Westminster, St. James’s Park, Victoria, Oxford Circus — providing fast connections to the City and airports like Heathrow or Gatwick. Yet many residents opt for taxis or private cars, reflecting the area’s luxury lifestyle. Almost everything is within walking distance: theatres, Michelin-starred restaurants, private schools, and world-class clinics. These perks, however, come at a cost. Gym memberships in exclusive clubs start at £250 per month, and fine dining in Mayfair averages £100–£150 per person. Parking space rental can exceed £400 monthly, making everyday life in Westminster a constant financial commitment.
Living expenses in Westminster (average):
| Expense category | Avg. cost (£) |
|---|---|
| Gym membership | 250–400 /mo |
| Fine dining meal | 100–150 |
| Taxi (central) | 15–30 |
| Parking (monthly) | 350–500 |
Is Westminster still a safe bet for investors
Despite market turbulence post-Brexit and during the pandemic, Westminster property has proven resilient. Prices rarely drop sharply compared to other boroughs, making it a safe haven for wealthy buyers. International demand remains consistent, with diplomats and high-net-worth individuals dominating the rental and purchase market. Redevelopment of historic buildings has opened new investment opportunities, though rental yields average just 2.5–3% — lower than in East London, where they reach 4–5%. Still, the prestige and stability compensate for modest returns. For long-term investors seeking security rather than speculative gains, Westminster remains one of the UK’s most attractive locations.
Key investment drivers:
- Scarcity of supply, high liquidity
- Strong foreign demand
- Preservation of historic architecture
- Low vacancy rates
- Prestige and global reputation
Tourism and its role in the property market
Westminster is also London’s tourism epicentre. Millions of visitors flock annually to Big Ben, Buckingham Palace, and Trafalgar Square, driving demand for short-term rentals. Landlords capitalise on platforms like Airbnb, pushing up average rents. The area hosts a wide range of accommodation: from iconic hotels like The Ritz to boutique serviced apartments. Tourism enhances investment appeal, particularly for buy-to-let properties. However, the council has begun tightening rules on short-lets to balance residents’ quality of life with the economic benefits of tourism. The presence of world-famous landmarks ensures Westminster’s long-term appeal, both for investors and tenants.
Top tourist landmarks in Westminster:
- Big Ben
- Buckingham Palace
- Trafalgar Square
- Westminster Abbey
- St. James’s Park
Westminster remains a borough where prestige comes at a price. From multimillion-pound mansions in Mayfair to high-end rentals overlooking St. James’s Park, the area consistently ranks among London’s most expensive places to live. Its unique mix of political significance, world-famous landmarks, and luxury lifestyle ensures stable demand from both local and international buyers. For tenants, the costs are steep, but the convenience of central living and access to top-tier amenities justify the expense. For investors, Westminster may not offer the highest rental yields, but it provides something rarer: long-term security and enduring global prestige.
Read about the life of Westminster and Pimlico district, London and the world. 24/7 news with fresh and useful updates on culture, business, technology and city life: How much does it cost to rent a flat in Pimlico, Central London, in 2025
Foto: Cadogan Tate
