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 in 2011 to a quarter. In SW7 the proportion fell from 23 per cent to 8 per cent.