Britain’s most expensive properties are likely to be found in Kensington Palace Gardens averaging £35m to buy a home.
A report from Zoopla has revealed the priciest street in Britain is Kensington Palace Gardens with an average property value of £35.6 million.
Across the country there are 17,289 streets where the average price is £1m or more rising almost 20% since last year.
The street near the Kensington Palace is home to the UK’s wealthiest homeowners including Formula One heiress Tamara Ecclestone and Chelsea F.C. owner Roman Abramovich.
The top ten most expensive streets are in London although other millionaire streets outside the capital are out of reach of virtually all first time buyers and home movers.
All the most expensive streets are located in London although Kensington Palace Gardens has seen £1.3m wiped off the average house price in the last year as the market slows.
The following table from Zoopla reveals the average property values of the most expensive streets in Britain for 2018.
| Street name | Property value |
|---|---|
| Kensington Palace Gardens (W8) | £35.6m |
| Grosvenor Crescent (SW1X) | £21.7m |
| Courtenay Avenue (N6) | £21.1m |
| The Boltons (SW10) | £19.3m |
| Ilchester Place (W14) | £15.2m |
| Compton Avenue (N6) | £13.6m |
| Albemarle Street (W1S) | £11.9m |
| Cottesmore Gardens (W8) | £11.9m |
| Frognal Way (NW3) | £11.6m |
| Manresa Road (SW3) | £11.3m |
Greater London has 5,843 of all streets in Britain averaging prices over £1m with the South East on 6,491.
With higher house prices in the capital buy-to-let landlords will look to outer London for affordable properties to help improve rental yields.
Lawrence Hall of Zoopla said, despite London’s property market continuing to plateau, its sheer desirability means that its most exclusive boroughs continue to dominate the list.
Kensington Palace Gardens is leading with an average price of £35.6m, second is Grosvenor Crescent in Belgravia on £21.7m and Courtenay Avenue in Highgate with £21.1m.
Higher property values for older homeowners in the capital allows the equity release buyer to access wealth using a lifetime mortgage to improve their lifestyle or give child or grandchild for a deposit on their first home.
Millionaire streets in Britain
London and the South East have 71.4% of the millionaire streets in Britain and the rest of the country have 28.6%.
According to Zoopla, the number of streets with property values of £1m have increased from 14,417 last year to 17,289 in 2018 and 91% of these are located in Southern England.
This table from Zoopla shows the number of streets worth an average of £1m or more extends beyond the South East to other regions in the UK.
| Region | No of streets | Proportion |
|---|---|---|
| South East | 6,491 | 37.5% |
| Greater London | 5,843 | 33.9% |
| East of England | 2,679 | 15.6% |
| South West | 757 | 4.4% |
| North West | 459 | 2.6% |
| West Midlands | 364 | 2.1% |
| East Midlands | 232 | 1.3% |
| Yorks and the Humber | 173 | 1.0% |
| Scotland | 161 | 0.9% |
| North East | 97 | 0.5% |
| Wales | 33 | 0.2% |
Outside of London there are a number of towns that have streets averaging prices of £1m with Reading leading on 242, Guildford with 230, Sevenoaks on 218 and Leatherhead with 206.
For home movers leaving areas with high property values to areas with lower values, they may have extra equity for a deposit to buy a larger home or can reduce their mortgage.
Montrose Gardens in Leatherhead is the most expensive outside London with an average price of £5.9m, then Philippines Shaw in Sevenoaks on £4.1m and Robins Nest Hill in Hertford with £3.8m.
For older remortgage buyers in these expensive streets that are forced to repay loans by lenders at a certain age, rather than downsizing they can release equity and agree a lifetime mortgage.
What are your next steps?
Call our LCM mortgage brokers if you are a buy-to-let investor with a property, remortgaging and want the best mortgage deal, buying your first home or you are planning to move home.
For equity release buyers our London City Mortgage advisers can recommend lifetime mortgages allowing you to receive cash from your home to spend on anything such as repay an interest only mortgage, for home improvements or holidays.
Learn more by using the mortgage monthly cost calculators, property value tracker chart and equity release calculator. Start with a free mortgage quote or call us and we can take your details.
