December 13 2013 Latest news:
Friday, December 28, 2012
London is home to the 10 most expensive streets in England and Wales, a study has revealed.
1. Egerton Crescent, Kensington and Chelsea, London, SW3, £8.1m
2. Parkside, Merton, London, SW19, £5.2m
3. Campden Hill Square, Kensington and Chelsea, London, W8, £4.9m
4. Blenheim Crescent, Kensington and Chelsea, London, W11, £4.7m
5. Lansdowne Road, Kensington and Chelsea, London, W11, £4.7m
6. Home Park Road, Merton, London, SW19, £4.7m
7. Drayton Gardens, Kensington and Chelsea, London, SW10, £4.4m
8. Eaton Square, Westminster, London, SW1, £4.4m
9. Lancaster Gate, Westminster, London, W2, £4.4m
10. Duchess of Bedford’s Walk, Kensington and Chelsea, London, W8, £4.2m
Top of the list is Egerton Crescent in the borough of Kensington and Chelsea. A stone’s throw from the Victoria and Albert Museum and Harrods, homes in the road typically cost £8.1million, according to Lloyds TSB.
There are five other streets in Kensington and Chelsea in the top 10. Two of the remaining roads are in Merton, and the other two are in Westminster.
House prices in central London have continued to shoot upwards over the past year amid strong interest from wealthy overseas buyers looking for a safe haven amid the uncertainty of the eurozone.
However, some analysts have suggested that a 7 per cent stamp duty rate which was placed on homes worth over £2m in the spring could cause the market to cool off slightly next year.
Parkside, skirting Wimbledon Common, in Merton, came in second place on the Lloyds TSB list with an average property price of £5.2 million.
Campden Hill Square in the heart of London’s Holland Park in Kensington and Chelsea, which was last year’s most expensive street, was pushed into third place this year, with an average price of £4.9m.
Commenting on the dominance of Kensington and Chelsea, Nitesh Patel, an economist at Lloyds TSB, said: “In recent years, its prime location in central London and classical architecture has attracted affluent celebrities and ultra wealthy foreign businessmen, helping to drive up property prices.
“Across most regions, the most expensive streets are typically tightly clustered.”
Away from the English capital, the most expensive streets include Woodlands Road West in Virginia Water, Surrey, where homes are worth £3.2m on average and Leys Road in Leatherhead, also in Surrey, where homes have a £3m price tag.
Outside southern England, the most expensive street is just south of Manchester, in Park Lane, Altrincham, with an average house price of £2.1m.
The study used Land Registry records of sales which took place between January 2007 and September this year.