The typical home in Belgravia sells for about £1,875,000. Most of the homes that sell are flats. Terraced houses cost more than twice the median. Prices have dropped hard over the past year and are still nowhere near cheap. A fall that big would make news in most places, but here it only means the median is under two million.
In the year to May 2026 the Land Registry recorded 89 sales, at a median of £1,875,000. That headline hides two separate markets. The 67 flats sold at a median of £1,335,500, and the 22 terraced houses at a median of £3,492,500. In the Middle Ages the Five Fields were let out for grazing, and the sheep have been priced out of the area ever since.
The house price index tells the year more bluntly. As of May 2026 it puts the average price for the index area at about £836,000, down about 23% in twelve months. Flats fell by the same amount, about 23%, so this was a fall across the whole market and not just one type of home. Over five years the index is down about 18%. Anyone buying now pays less than the previous buyer did, and the previous buyer would prefer not to talk about it.
Band H, the top council tax band, is more common here than any other band. Only about 4% of homes are in Bands A or B. In Westminster, Band D comes to about £1,050 a year and Band H to about £2,100. That makes the council tax bill one of the few figures in Belgravia that reads like a misprint in the buyer's favour.
Across the whole of Westminster, typical private rent is about £3,150 a month as of April 2026, down about 4% on a year earlier. This is a mean from the Office for National Statistics rent index for the borough, so it covers far more modest streets than Eaton Square. By bedrooms, the Westminster averages are about £2,500 for a one-bed, £3,250 for two, £3,850 for three and £5,350 for four or more. The index has no studio or room figure. Only about 31% of households here own their home, so renting is the usual way in.
The Office for National Statistics models typical household income across the area at about £86,000 a year before tax, or about £63,000 after it. Both figures are for the financial year to March 2023, so they are a few years old. Even at that income, a median sale price of £1,875,000 needs money from somewhere other than salary. That usually means equity, an inheritance or a company. With flats making up most of the sales, ask early how long the lease has to run and who holds the freehold. Those two answers can move the value of a flat more than any of its period details.
About 28% of sales could be matched to the floor area on an energy certificate, 25 sales in all. Across those, the median price was about £18,900 per square metre, for a typical floor area of about 179 square metres. Those matched sales lean towards bigger homes than the flat-heavy market as a whole, so the figure describes the measured homes better than the whole area.
At the 2021 census, about 31% of homes had one bedroom, 35% had two, 21% had three and 13% had four or more. Belgravia's reputation was built on large stucco houses. Today a two-bedroom flat is the most common home, and the large houses are the minority that set the reputation.
Belgravia is poor value however you measure it, and it is one of the hardest places in the country to buy without serious money behind you. The past year's falls have made it a little less hard to get in, not easy.