No surprise – it is located in London
Grosvenor Square in the London borough of Westminster has topped the list of the UK’s most expensive streets in terms of average house prices.
According to Halifax, the average house price in the prime Mayfair location stands at a staggering £20.35 million. Grosvenor Square, dating back to the early 18th century, holds the distinction of being one of London’s largest squares, boasting a rich historical legacy.
In second place is Clarendon Road in the cosmopolitan Notting Hill area of Kensington and Chelsea, with an average price just below the £20 million mark at £19.96 million. London’s Knightsbridge, renowned for the iconic luxury shopping destination Harrods, completes the top three, where the average property now commands £19.95 million.
For those dreaming of a home on one of London’s priciest streets this Christmas, they will need to sell out more or less £14.5 million – the average price of properties located there. This figure starkly contrasts with the national average UK house price of £283,615, making the costliest properties in the country nearly 72 times more expensive than an average home.
Outside of the capital, the title of the most expensive street goes to East Road in Weybridge, with an average home costing over £9 million. Meanwhile, those in pursuit of a relative bargain will find the priciest residences in Wales starting from £1.3 million.
“Buying any home is expensive and likely to be the biggest single purchase most people will ever make,” Kim Kinnaird (pictured), mortgages director at Halifax said. “Purchasing a property on one of Britain’s most expensive streets comes with a colossal price tag, and it’ll be no surprise that house prices in London continue to dominate, with the top 10 priciest streets to buy a home all in the capital.
“But the gap between the most expensive streets is vast, depending on the region you live in, with the average house price for the priciest properties in London topping £20million, compared to around £1.3 million in the North East. Even in the most expensive region outside of London, the South East, the top 10 most expensive streets are, on average, £10 million cheaper than their London equivalents.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
