Some London streets really are paved with gold

by Property118.com News Team

14:00 PM, 22nd June 2012
About 7 years ago

Some London streets really are paved with gold

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Some London streets really are paved with gold

Plush Kensington and Chelsea is the streets ahead as the most expensive place to buy a home in Britain – with average house prices of nearly £2 million.

Buying a house in Kensington costs around £1.87 million and is £90,850 (5%) up on last year’s prices, according to online property portal Zoopla.

The site’s property rich-list cites Kensington Palace Gardens as the most exclusive address in the country, where properties change hands for more than £22 million. Neighbours include diplomats, billionaires and royalty.

The other most sought-after neighbourhoods with the most expensive homes are Knightsbridge (SW7), Chelsea (SW3), Notting Hill (W11) and West Brompton (SW10).

Although the streets of West London are lined with expensive homes, the number of £1 million homes in Britain has leapt by 12% in the past 12 months.

Almost 250,000 homes breach the magic £1 million price barrier in over 6,600 streets around the country.

More than a third of the richest streets are in London, followed by the Surrey towns of Guildford (116), Leatherhead (92) and Cobham (78). Beaconsfield, Buckinghamshire (88) is the other town in the top five.

Property values in the most expensive areas of the London are almost 10 times higher than in other parts of the country.

An iPad sized area of floor space in Kensington costs over £550, while the same floor space in Middlesbrough is just £60.

Virginia Water, Surrey, is the most expensive area outside London. Average prices are just under £1 million – down 2.94% on last year.

Nicholas Leeming, business development director at Zoopla, said, “While the majority of the country’s homeowners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run. International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots.”

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