Britain’s most expensive streets are predominantly in Kensington & Chelsea, according to analysis by Lloyds Bank.
The bank says that Ilchester Place in the London borough has the highest UK average property price at £15.5m. The next two most expensive streets are in Westminster, but even they lag Kensington & Chelsea with average prices around £13m. The next six most expensive streets are again all in Kensington & Chelsea, with averages ranging between £9.8m and £13m.
The rest of the ‘top 20’ most expensive streets in England & Wales are mostly well outside Greater London, principally in Surrey. Even here average prices in the most expensive districts are well behind central London at £3.3-5.6m.
Andrew Mason, mortgage director at Lloyds Bank, says: “The prime London boroughs of Westminster and Kensington and Chelsea continue to top the tables in Britain’s most expensive streets.
“Seven addresses in these two areas alone come with an average price tag of more than £11 million, and three cost more than £13 million.”
He adds: “Although half of the 20 most expensive streets are in London, regions across England and Wales now all have at least one ‘million pound street’.”
Lloyds’ analysis reveals just how far Kensington & Chelsea property values are ahead of not just the UK but the rest of London and the south east. In general, buyers in Kensington & Chelsea can expect to pay 3-4 times more than even the most desirable areas of Surrey. Most likely this level of pricing reflects not just the quality of the property on the market but this particular London borough’s reputation as ‘the place to be’ for wealthy, particularly foreign, buyers.