Mayfair still the most expensive street on the Monopoly board
Mayfair became an iconic London address when the Monopoly board game made it the most expensive street to buy houses at £400 but research shows just how much prices have risen since then.
When the game came onto the market almost 80 years ago Mayfair was the most expensive street and Old Kent Road the cheapest at just £60.
Of all the streets on the famous board they are still the most expensive and the cheapest but in reality a property in Mayfair would cost £1,426,689 and in Old Kent Road £192,714, according to research from the Halifax.
There has been plenty of movement in other streets. In 1936 the average value of a London house on a Monopoly board stood at £208 but now with the property market in the capital remaining seemingly resistant to the shifts in house prices experienced in the rest of the UK, the average house price in these famous London streets now stands at £788,106.
Whilst there has been no change in the cheapest two areas, or the five most expensive, based on today's average house prices every other colour category would see at least one change on a modern Monopoly board.
Whitehall, which was originally the seventh cheapest area to buy a property, has taken the biggest leap up the table and now, based on average house prices, stands 10 places from its original board game position as the sixth most expensive area to buy.
With an average house price of £1,172,778, the heart of British Government would have moved to the top of the yellow areas, just below the green giants of Oxford Street at £1,093,960, Bond Street at £1,235,485, and Regent Street at £1,244,476.
The greatest drop from its board game position would be experienced by Vine Street which, with an average house price of £399,818, would fall eight places, from eleventh to third least expensive, replacing Angel Islington at the bottom of the blues.
Fleet Street would also fall seven places, from thirteenth to sixth least expensive, with average house prices in the area now standing at £491,902.
‘Whilst drawing a comparison between the values placed on these areas in a board game and the actual average house prices provides a light hearted look at the London property market, it does present a realistic picture of the capital's most popular postcodes,’ said Craig McKinlay, mortgage director at the Halifax.
‘Many of the areas that have seen hypothetical increases from their board game positions are those which we have seen grow in popularity in recent years. Angel Islington is an example of this, surpassing its blue peers of Pentonville and Euston Road, by establishing itself as one of the capital's most cosmopolitan areas,’ he explained.
‘The London property market remains one of the most diverse in the UK, with property prices that reflect this. Attracting buyers from both the UK and overseas and commanding premium prices seldom seen elsewhere, the most sought after streets of the capital remain those with excellent schools, upmarket shops and easy access to the City and other business centres,’ he added.