What Does £1 Million Buy You in Different London Boroughs?

How Far Does £1 Million Go in London Property?

A million pounds sounds like a lot of money. In much of the UK, it buys a substantial family home with land to spare. In London, the picture is dramatically different depending on the postcode. We have put together this borough-by-borough comparison to show exactly what your money buys across the capital in 2026. The variation is striking — and understanding it is essential for any buyer trying to maximise value.

Mayfair, W1 — Approximately 400 sq ft

In London's most expensive neighbourhood, £1 million buys a compact studio or small one-bedroom apartment in a period conversion. At roughly £2,500 per square foot in the best locations, you are looking at 400 square feet — enough for a well-designed pied-à-terre but nothing more. The premium is entirely for the address: walking distance to Bond Street, Savile Row, and the private members' clubs of St James's. For many international buyers, a Mayfair bolt-hole at this price point serves as a London base between business trips rather than a primary residence.

Kensington, W8 — Approximately 500-600 sq ft

In Kensington, £1 million stretches to a one-bedroom apartment or a well-positioned studio with a separate kitchen in one of the Victorian mansion blocks that line the garden squares. At £1,700-£2,000 per square foot, you gain an extra 100-200 square feet compared to Mayfair, plus the cultural weight of the V&A, Natural History Museum, and Kensington Gardens on your doorstep. Some of the best value in this price range can be found in upper-floor flats on the quieter streets south of Kensington High Street.

Chelsea, SW3 — Approximately 550-700 sq ft

Chelsea offers marginally more space than Kensington at this price point, particularly on the streets between the King's Road and Fulham Road. £1 million can secure a one-bedroom apartment with a separate reception room, or a well-converted studio in a period building with high ceilings and original features. The best opportunities tend to be lower-ground floor flats with private patio access — these are sometimes overlooked by international buyers but prized by locals who understand how valuable outdoor space is in central London.

Nine Elms, SW8 — Approximately 800-1,100 sq ft

This is where £1 million starts to feel like serious money. In Nine Elms, you can buy a spacious two-bedroom apartment in a modern development with concierge, gym, and potentially river views. At £900-£1,200 per square foot, you get nearly double the space of a Mayfair equivalent, plus all the amenities of a premium new build. The trade-off is an area that is still establishing itself — but the Northern Line Extension has made the location genuinely convenient, and the gap with established prime postcodes is narrowing year on year.

Battersea, SW11 — Approximately 900-1,200 sq ft

Battersea offers similar value to Nine Elms but with a more established neighbourhood feel, particularly around Battersea Square and the streets off Lavender Hill. £1 million buys a comfortable two-bedroom apartment in a modern development near the Power Station, or a characterful one-bedroom in a period conversion in Old Battersea. For families, the stretch towards Clapham Junction adds options — Victorian terraced houses that need work can still be found at this price point, though they are increasingly rare.

The Bigger Picture

The message is clear: at the £1 million price point, you are choosing between prestige and space. A Mayfair address gives you the most exclusive postcode in London but the least square footage. Nine Elms and Battersea give you the most apartment for your money with strong growth potential. Chelsea and Kensington sit in the middle — established prestige with reasonable space. There is no wrong answer, but the right answer depends entirely on your priorities. Explore our area guides to understand each neighbourhood in depth, and browse our property listings filtered by price to see exactly what is available today.

Frequently Asked Questions

Where is the best value for £1 million in London?

For space and modern amenities, Nine Elms and Battersea offer the most square footage per pound at £900-£1,200 per sq ft, giving you 800-1,200 sq ft of living space. For established prestige, Chelsea side streets offer the best balance of location and value in the traditional prime market.

Is £1 million enough to buy property in central London?

Yes, though what you get varies enormously by location. In Mayfair and Knightsbridge, £1 million buys a studio or small one-bedroom. In Chelsea and Kensington, a one-bedroom apartment. In Nine Elms and Battersea, a spacious two-bedroom with amenities. Understanding this price-to-space ratio across boroughs is essential for making an informed purchasing decision.