When you’re renting in London and trying to save up to buy your first property, a £300,000 two-bed flat feels like an unreachable goal.
Now imagine that rather than a humble studio on the furthest outskirts of the city, you’re buying a place on one of the most expensive streets in the UK.
You’d need to save up quite a bit more for that deposit… to put it lightly.
Zoopla has revealed their Rich List for 2020, highlighting the most expensive streets around the nation to buy a property.
At the top of the list is Kensington Palace Gardens, which has won the grand title for the 12th consecutive year, and where the average property will set you back an eye-watering £35,991,500.
Often cited as one of the ‘most exclusive addresses’ in London, the tree lined avenue is dotted with embassies, diplomatic residences, and the homes of ultra high net worth individuals, including steel tycoon Lakshmi Mittal and Chelsea F.C. owner Roman Abramovich.
In second place is Courtenay Avenue (N6) in Highgate, where the average property costs £18,639,000.
The 10 most expensive streets in Great Britain
Top 10 most expensive streets and their average property price:
While those are on the extreme end of property prices, the Rich List does highlight just how wild the housing market has become across the country.
There are now 12,545 streets in Britain where the average property is £1million or above – up 30% on five years ago.
And it’s not just a London problem (although the capital city is where prices reach truly bizarre heights).
Outside of London, Montrose Gardens in Leatherhead, Surrey, is one of the most expensive streets, where the average property price is £6,037,000.
The most expensive streets in the UK outside of London and their average property price:
In second place for non-London streets is Titlarks Hill in Ascot, Berkshire, with an average property value of £5,995,000, while in third place is Portnall Rise in Virginia Water, Surrey with an average price of £5,800,000.
Gráinne Gilmore, head of research at Zoopla, said: ‘Zoopla data shows where housing stock and prime locations converge to create some of the most expensive addresses in the UK. Clusters of expensive homes are not unusual as the cache of an area starts to create an appeal of its own, which can factor into what a home is really worth.
‘London dominates the country’s prime property market, but it is being challenged by the South East in terms of the number of million pound streets, reflecting the rise in demand and pricing seen in this market, as well as its housing stock mix and its geographical size.’
Properties currently for sale in the most expensive streets
Eight-bed detached house, Courtney Avenue, London, £16,999,999
Five-bedroom flat, Kensington Court Place, London, £9,250,000
Five-bedroom detached house, Woodlands Road East, Surrey, £2,950,000
Four-bedroom house, Dock Lane, Beaulieu, £2,500,000
Five-bedroom house, Theydon Road, Essex, £3,500,000
Do you have a story to share?
Get in touch by emailing M[email protected]
Source: Read Full Article