London graphic
Media playback is unsupported on your device

London borough 'is Britain's Monaco'

8 November 2013 Last updated at 06:23 GMT

Mary Ann Sieghart reports for Newsnight on property prices in the borough of Kensington and Chelsea in London.

The borough is home to some of the world's richest people, many of whom pay very little tax. The average price of property in the area has risen 120% since 2005.