A pair of London neighborhoods are fetching over £5 million on average along the priciest streets, and hold the title of the priciest areas in the UK. In Scotland, the most expensive addresses are in Edinburgh, reflecting a pattern of concentrated property wealth that is consistent throughout these regions. See the following article from Property Wire for more on this.
London’s Kensington and Chelsea is the most expensive place to buy real estate in the UK with half of the most expensive residential streets in the borough.
The average price of a property in its Wycombe Square is £5.4 million.
Overall, five of the nine regions of England and Wales have streets where the average home cost more than £1 million, according to a new report from the Halifax.
Moles Hill in Leatherhead, Surrey, is the most expensive street outside of the capital, with the average property costing £2.6 million, followed by Leys Road, also in Leatherhead, at £2.5 million and Woodlands Road West, in Virginia Water, Surrey, at £2.5 million.
Withinlee Road in Macclesfield and Park Lane in Altrincham, Cheshire, are the most expensive streets outside of southern England, with the average property costing £1.2 million.
While Druidstone Road, in the Old St Mellons area of Cardiff, has the most expensive residential street in Wales, with properties costing £621,000.
Nitesh Patel, housing economist at Halifax, said it was not a surprise that many of the most expensive residential streets are in the Royal Borough of Kensington and Chelsea, with more than half of the 30 most expensive London streets in the borough.
‘Kensington and Chelsea has long had a global appeal but the fall in the value of sterling has helped to attract foreign buyers over the past year despite the worldwide economic recession.
Across most regions, the survey shows that the most expensive streets are tightly clustered within the same area,’ Patel added.
The most expensive street in Scotland is Warriston Crescent in Edinburgh, a row of elegant townhouses next to the Water of Leith, with an average house price of £960,671, according to a separate report from the Bank of Scotland.
Edinburgh has six of the top ten most expensive streets in Scotland.
At number two in the list is Drumsheugh Gardens, with an average house price of £883,254, while third position is taken by Merchiston Gardens, where properties fetch £672,856 on average.
The most expensive street outside Edinburgh is Morningfield Road in Aberdeen’s west end with an average price of £592,297 while Glasgow’s most expensive street is Royal Gardens with an average price of £571,500, followed by Victoria Park Gardens South in Broomhill at £523,429.
This article has been republished from Property Wire. You can also view this article at Property Wire, an international real estate news site.