Kensington Palace Gardens named as the UK’s most expensive street
Britain now has 8,230 streets with average property values of over £1 million and Kensington Palace Gardens in London is the most expensive place to live.
The research shows that the number of million pound streets has increased by 23% over past 12 months with the London boroughs of Kensington and Knightsbridge names as the most expensive neighbourhoods.
Indeed, the research by property website Zoopla shows that floor space the size of an average doormat is worth £3,586 in Kensington.
Rising house prices, particularly at the prime end of the property market, have created 77,894 more property millionaires in the past year and Britain is now home to 323,684 properties worth more than £1 million, up 32% from 245,790 12 months ago.
Of the 8,230 million pound streets in Britain, some 34% or 2,789, are located in London. All of the top 20 most expensive streets are located in the capital with Kensington Palace Gardens once again retaining its position as Britain’s most expensive street.
The average property on Kensington Palace Gardens, home to Leonard Blavatnik, the second wealthiest man in the UK, and a stone’s throw from where Duke and Duchess of Cambridge live, is currently valued at £36,066,148, more than 156 times the value of the average UK home currently £230,924 according to Zoopla.
The Boltons in SW10, formerly home to Madonna, takes second place on this year’s list with an average house price of £23,375,758, followed closely by Grosvenor Crescent in SW1 where the average home costs £19,768,963.
In Kensington the average property value is currently £2,326,439, an increase of 4.5% over the past 12 months. Knightsbridge, where the average house price is now £2,034,706, has overtaken Chelsea this year as the second most expensive area to live in Britain.
Outside London, Virginia Water in Surrey, home to Bruce Forsyth and Eddie Jordan, is the most expensive area in Britain with an average property value of £1,034,368. Footballer filled Cobham in Surrey takes second place outside the capital with an average property price of £842,806.
‘Even lottery winners can only fantasise about owning a home on streets like Kensington Palace Gardens and The Boltons. Property values in these super prime areas are astronomically high and have risen substantially over the past year,’ said Lawrence Hall of Zoopla.
‘Only the super wealthy can entertain the notion of living on the most expensive streets and they are paying as much for the address and location as they are for the size and quality of the property. You can find magnificent mansions in other parts of the country for a similar price to even just average properties in areas like Kensington,’ he added.
In third place is Chelsea with an average house price of £1,822,560, then West Brompton at £1,497,783 and Notting Hill at £1,422,262. Westminster, the West End, Barnes, Hampstead and Earls Court make up the rest of the top 10 most expensive neighbourhoods.
The top 10 most expensive streets are all in London, led by Kensington Palace Gardens at £36,066,148, in second place is The Boltons at £23,375,758, then Grosvenor Crescent at £19,768,963, Courteney Avenue at £10,750,336, Compton Avenue at £10,006,014, Frognal Way at £9,513,716, Park Place Villas at £8,980,477 and Montrose Place at £8,980,468.
The top 10 most expensive town are all near London in the south east of England. Top is Virginia Water in Surrey with an average property value of £1,034,368, then Cobham in Surrey at £842,806, Beaconsfield in Buckinghamshire at £806,459, Keston in Croydon at £785,399, Esher in Surrey at £774,265, Chalfont St Giles in Buckinghamshire at £754,770, Richmond in Surrey at £718,229, Gerrards Cross in Buckinghamshire at £717,319, Radlett in Hertfordshire at £691,211 and Welwyn in Hertfordshire at £687,558.
The research also shows that London has the highest number of £1 million street with 2,789, followed by Richmond with 184, Guildford with 118, Mitcham with 100, Leatherhead with 96, Beaconsfield, Cobham and Kingston-upon-Thames all with 89, Harpenden with 84 and Esher with 83.