Once the ultimate postcode of luxury living, parts of central London like Knightsbridge and Kensington are seeing a mass exodus.
Once-glamorous streets lined with multi-million-pound mansions are now filled with worry, uncertainty—and in some cases, fear.
Long-time residents and property owners say the area’s charm has faded fast, driven out by rising crime, political pressure on wealth, and falling property values.
A Sharp Drop in Property Value
Homeowners in the capital’s wealthiest districts say their homes have become “unsellable.”
In Knightsbridge, house prices have plummeted by over £1 million since 2018, with the average home now going for around £2.6 million.
Some properties are even fetching their lowest values since 2010, dipping below £1,900 per square foot—a far cry from the glory days when £2,200 per sq ft was the norm.
Brand manager Ian Perkins, who owns a four-bed property in Knightsbridge, said it was recently valued at £2.6 million—down from £3 million.
“This area’s lost its edge,” he said. “I tell visitors not to go out alone.
I haven’t seen a patrolling officer in a decade.”
Crime Has Become a Daily Reality
It’s not just the drop in value. Residents say they no longer feel safe in their own neighbourhood.
The recent fatal stabbing of 24-year-old Blue Stevens outside the upscale Park Tower Hotel and Casino shocked the community, especially after initial reports suggested it might have been a robbery gone wrong targeting his Rolex watch.
Violent incidents like this are no longer isolated.
Local business owners have endured ram-raids, and street crimes such as phone snatching and watch thefts are now daily hazards.
Even in broad daylight, residents say they feel unsafe walking alone or using their phones outside.
High-End But Half-Empty
Some of the newest buildings in the area look impressive from the outside—but many are eerily quiet inside.
Language teacher Nathalie Rousset, who has lived in Kensington for five decades, said her block of eight flats only has three occupied units.
“A new building down the street is only a third full,” she shared. “There’s clearly no demand.
I blame Brexit, Covid, and the general lack of confidence in the market.”
Foreign Buyers Are Walking Away
Estate agents confirm that wealthy overseas investors, once the area’s financial backbone, are now retreating.
Shanai Bogle, a property manager at Thackerays in Kensington, said it’s the toughest market she’s seen in decades. “Rent caps are pushing landlords to sell.
And even then, most sales close below asking price,” she explained.
“You can get a mansion in Essex for the same price as a small flat here.”
Labour’s ‘Wealth Raid’ Isn’t Helping
Several homeowners and investors point to Labour’s fiscal policies as another reason for the downturn.
With talk of a looming wealth tax and increased stamp duties, many wealthy individuals are looking elsewhere—either moving out of London or even out of the UK altogether.
Ian Perkins believes it’s no coincidence. “The war on the wealthy is real,” he said.
“My neighbour bought a two-bedroom terrace for £3 million—now it’s worth £2.5 million.
He’s moved out to the countryside and bought a five-bed with a pool. Who wouldn’t?”
Long-Time Locals Feel Let Down
Rod Gilchrist, 79, who’s lived in Kensington for 40 years, says the area’s downfall began with Brexit.
“It triggered an exodus of the wealthy and damaged the economy,” he said.
He also pointed to the rise in violent crime and the lack of police visibility.
“Even Selina Scott got attacked recently in Piccadilly—she said she couldn’t find a single officer. That tells you everything.”
Rent Is Rising, Even as Value Falls
Interestingly, while house prices are falling, rents are still climbing.
Tony Jenkins, a long-term renter in Knightsbridge, says it’s a confusing situation.
“My rent keeps going up, but the property values are dropping,” he said.
“People just don’t love Knightsbridge the way they used to.”
Daylight Robberies and Fear on the Streets
Shop worker Jeanette Loxley echoed the growing fear among locals.
“Just this month, I witnessed two phone robberies. A few weeks ago, there was a stabbing nearby.
It used to feel like the best place in the world. Now? Not so much.”
What’s Next for Kensington and Knightsbridge?
As crime continues to climb, overseas buyers turn their backs, and homeowners offload properties at a loss, the once-golden image of central London’s most iconic neighbourhoods is fading.
The million-pound question now is: can Knightsbridge and Kensington ever bounce back—or is this just the beginning of a deeper decline?