The latest Property Rich List 2014 from property listings firm Zoopla, shows that the 10 most expensive streets in Britain have seen property values grow 12.9% over the last year, compared to the rest of the country where average values have risen by 6.6% over the same period.
Overall there are 10,613 streets with an average property value of over £1 million, up 29% on 2013 and the value of the most expensive streets are rising at nearly twice the national average. Just under a third of these streets with average property values over £1 million are located in London.
There are now 12 streets with average house prices over £10 million, all of which are in London. The average property on Kensington Palace Gardens, the most expensive street, is now worth £42,730,706, some 162 times the value of the average British home currently valued at £263,705 according to Zoopla.
The Boltons in SW10 takes second place on this year’s property rich list with average house prices standing at £26,570,341, and Grosvenor Crescent in SW1 rounds out the top three with average property prices of £22,293,470.
Outside of the capital, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is currently worth £5,605,067. The two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water at £1,186,262 and Cobham at £1,003,400.
W8 remains London’s most prestigious postcode, with average property prices in the area of £2.78 million. Neighbouring SW7, the next most expensive area in the capital, has average values of £2.48 million, while property values in third placed SW3 stand at £2.37 million. The rest of the top 10 is dominated by areas in South West, West and North West London.
‘London boasts all of Britain’s 20 priciest addresses. Prime properties in the capital have long been a magnet for the super wealthy looking for a safe investment asset. For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns,’ said Lawrence Hall of Zoopla.
‘However you don’t need to be a billionaire to get a chance to own the crème de la crème of property on offer. In Wales and the North East, you can still snap up a prime property in the region’s most desirable streets for little over £1 million,’ he added.
