You need to pay almost £29 million to live on the UK’s most expensive street and all the top ten are located in London.
The top ten most expensive streets in the UK are located in London, says Halifax and you would pay £28.9 million to buy a property on Tite Street in the borough of Chelsea and Kensington.
Tlte Street is located near the River Thames the exclusive King’s Road, replacing last year’s winner Avenue Road in St John’s Wood.
Only the wealthiest homeowners can afford to purchase properties on the most expensive streets and are unaffordable to the vast majority of first time buyers and home movers.
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Prices in the capital are the highest
All the top ten most expensive streets are dominated by properties in London with an average value of £19 million.
This table from Halifax reveals the average property values of the top ten most expensive streets for the UK for 2021 which are all in London.
| Street name | Property value |
|---|---|
| Tite Street (W3) | £28,902,000 |
| Phillimore Gardens (W87) | £25,188,000 |
| South Audley Street (W1K) | £22,850,000 |
| Chelsea Square (SW3) | £18,800,000 |
| Queen Annes Gate (SW1) | £17,563,000 |
| Knightsbridge (SW1) | £16,749,000 |
| Ilchester Place (W14) | £16,304,000 |
| Kensington Park Gardens (W11) | £15,683,000 |
| Manresa Road (SW3) | £15,518,000 |
| Tregunter Road (SW1) | £15,510,000 |
In second place is Phillimore Gardens near Kensington and Holland Park costing £25.1 million followed by South Audley Street priced at £22.8 million.
Property values rapidly drop in the bottom half with Knightsbridge costing £16.7 million down in sixth position and Tregunter Road in tenth position with average prices of £15.5 million.
House prices in the top ten like the rest of London have not seen significant rise in values, increasing only 1% on average compared to other regions increasing up to 11% over the year.
Across the country the regions have seen significant rise with house prices in Wales up 10.8% in the last year, the North West rising 9.0%, the South West and East Midland up 8.3% according to Zoopla.
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Rather than move, wealthy remortgage buyers could secure a mortgage advance to raise capital which they can use to add an extension or make other home improvements.
Regions with meteoric rise in prices
In contrast to the top ten most expensive streets, in the regions house prices have experienced a meteoric rise up 11% in the North and the West Midlands.
Prices are rising as home movers have changed their priorities moving away from cities to the regions for more indoor and outdoor space, pushing up house prices.
The most expensive street in the North is Old Hall Road in Windermere at £2.5 million with seven of the most expensive streets based in Newcastle Upon Tyne.
For West Midlands the top spot goes to Birmingham’s Carpenter Road with average house prices of £3.0 million followed by Old Warwick Road in Solihull costing £2.1 million.
In the North West house prices are up 5% with Barrow Lane in Altrincham costing £3.7 million and other most expensive streets are located in Macclesfield, Altrincham, Alderley Edge and Knutsford.
For the East Midlands house prices are higher by 4% with Benscliffe Road in Leicester at the top with an average property value of £3.2 million.
Properties in the South East occupy top places from eleven to twenty with South Ridge costing £7.1 million followed by East Road with values of £6.8 million, both in Weybridge.
What are your next steps?
Speak to our LCM mortgage advisers if you are planning to repay an interest only mortgage or access cash using equity release. Learn more by using the property value tracker chart and equity release calculator.
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