The changes come in Monopoly Electronic Banking Edition – a new version of the game which uses debit cards and an electronic money transfer system, rather than paper notes.
Oxford Street is the only survivor from the previous board, and swanky areas like Camden High Street and Notting Hill Gate have also been introduced.
Other changes include Kings Cross and Liverpool Street, replaced by London City Airport and Heathrow, while the Electric Company and Waterworks are now Mobile Phone and Internet Providers.
Giant playing pieces visit Kensington Palace Gardens as part of the launch PR activity.
However, the Monopoly team told ToyNews that Hasbro would continue to offer the original board game, with all the old favourites intact.
When asked about the move to Kensington, Phil Spencer from Channel 4’s Location, Location, Location, said: "The cost of living in the area now makes Mayfair seem relatively low budget. The new Monopoly board really does reflect this shift in power."
Monopoly Electronic Banking Edition was also named in Tesco’s Christmas top ten.