The most expensive residential streets in England and Wales remain in the Royal Borough of Kensington and Chelsea, according to latest research from Lloyds Bank.
London, UK, 02-1-2014 — /EuropaWire/ — Located in South Kensington, surrounded by fashionable boutiques and with the Victoria and Albert Museum just across the road, Egerton Crescent is the nation’s dearest address for the second year running with an average property price of £7,369,0001. Many of these properties are large grade II listed Georgian homes with 4 to 5 bedrooms.
Six of the ten most expensive streets are in the Royal Borough; such as Cadogan Square with an average property value of £5,746,000, Prince Consort Road (£5,499,000), Drayton Gardens (£5,234,000) and Eaton Square (£5,042,000).
Outside central London, the capital’s costliest addresses are The Bishops Avenue in Hampstead which has an average property value of £6,203,000 – the second most expensive in this survey – and Parkside in Merton (£5,212,000) – the sixth priciest street.
Exclusive addresses outside the capital….
The most expensive streets away from the capital are mainly in the Home Counties – and generally in Surrey. Properties on Spicers Field in Oxshott in Surrey have an average price of £3,500,000 – the highest outside London. Others include Leys Road also in Oxshott (£3,436,000), Icklingham Road (£3,264,000) and Harebell Hill (£3,080,000) – both are in the Surrey village of Cobham.
The nation’s top 50 most expensive addresses are all in southern England. Apart from those in Surrey, others include Loom Lane in the Hertfordshire village of Radlett (£2,586,000), Philippines Shaw in Sevenoaks (£2,499,000), Western Avenue in Poole (£2,427,000) and Nuns Walk in Virginia Waters (£2,345,000).
Beyond the South
Outside southern England the most expensive street is Withinlee Road in Macclesfield with an average property price of £1,871,000 – the 48th most expensive in this survey. Withinlee Road is followed by Ridgeway in Charnwood in Leicestershire – where the average house price stands at £1,671,000. Other exclusive addresses include The Thorsway in the Wirral with an average property value of £1,584,000, East Downs Road in Altrincham (£1,361,000),
Rutland Drive in Harrogate (£1,152,000), Torkington Road in Wilmslow (£1,143,000) and Graham Park Road in Newcastle (£1,126,000).
Nitesh Patel, economist at Lloyds Bank, comments:
“Unsurprisingly, many of the most expensive residential streets in England and Wales are in the Royal Borough of Kensington and Chelsea with more than half of the 20 most expensive London streets in the borough. Kensington and Chelsea has long had a global appeal and in more recent years the area has attracted many ultra-wealthy foreign buyers. Low housing supply also helps support high property values in this area.
“Across most regions, the most expensive streets are tightly clustered within the same area.”
REGIONAL KEY FINDINGS
East Anglia
Eight of the 10 most expensive streets in East Anglia are in Cambridge. Most of these streets are close to the main University area (particularly around the Botanic Gardens) in the CB2 postal district. The most expensive streets are Barrow Road with an average house price of £1,487,000, Mingle Lane (£1,294,000) and Hills Road (£1,019,000).
East Midlands
The most expensive street in this region is The Ridgeway in Leicester with an average price of £1,671,000. Other expensive streets in the region include Croft Road (£1,001,000) and Valley Road (£815,000) – both are south of the River Trent in Nottingham; followed by Weston Road (£813,000) in Oakham; First Drift (£751,000) in Stamford; Belfry Lane in Northampton (£732,000) and Main Street in Loughborough (£724,000).
North East
Six of the ten most expensive streets in the North East are in Newcastle, particularly in the areas of Gosforth and Ponteland. Graham Park Road is the most expensive with an average price of £1,126,000, followed by Oakfield Road (£781,000) and Edge Hill (£701,000). Other streets include The Square in Sunderland (£652,000) and Leven Bank in Yarm (£631,000).
North West
The most expensive street in the North West is Withinlee Road in Macclesfield with an average property price of £1,871,000 – nationally it is the 48th most expensive. The road, so favoured by Premier League football players, is followed by Thorsway in Wirral (£1,584,000); followed by East Downs Road in Altrincham (£1,361,000) and Torkington Road in Wilmslow (£1,143,000). Four of the top ten most expensive streets in the North West are in Altrincham
and two are in Alderley Edge.
South East
Seven of the 10 most expensive streets in the South East are in Surrey. They include Spicers Field (£3,500,000), Leys Road (£3,436,000) – both in Oxshott – and Icklingham Road (£3,264,000) followed by Harebell Hill (£3,080,000) – both in Cobham. Outside Surrey, the South East’s most expensive streets are Loom Lane in the village of Radlett in Hertfordshire (£2,586,000) and Fishery Road in Maidenhead (£2,562,000).
South West
In the South West most of the dearest addresses are along the south coast – with five of the ten most expensive streets in Poole in Dorset. These include Western Avenue with an average property price of £2,427,000, Brudenell Avenue (£1,844,000) and Chaddesley Glen (£1,489,000). The region’s other top addresses include Restronguet Point in Truro (£1,715,000), Mudeford in Christchurch (£1,569,000), North Road in Bristol (£1,201,000) and Ilsham Marine Drive in Torquay (£1,164,000).
West Midlands
The most expensive streets in the West Midlands are Blue Lake Road in Solihull
(£1,039,000) followed by Church Street in Broadway (£1,038,000) and Quarry Park Road in Stourbridge (£921,000). There are two other streets with an average value of over £850,000: Alderbrook Road (£893,000) and Little Aston Park Road (£880,000).
Yorkshire and the Humber
Seven of the ten most expensive streets in Yorkshire and the Humber are located in the area that makes up the “Golden Triangle” between Harrogate, Wetherby and north Leeds. The region’s most expensive street is Rutland Drive in the spa town of Harrogate (£1,152,000).
Other exclusive addresses include Bracken Park in (£956,000) Wigton Lane also in both are in north Leeds (£942,000), Queens Parade in Harrogate (£881,000), and Spofforth Hill (£695,000). Outside the Golden Triangle the most expensive street is Whirlow Park Road in Sheffield (£766,000).
Wales
The most expensive street in Wales is Gannock Park in Conwy with an average house price of £655,000; followed by Druidstone Road and Lake Road West both in Cardiff (both £636,000), East Cliff in Swansea (£608,000) and Llantrithyd Road in Cowbridge (£555,000).
Editors’ Notes
Nitesh Patel, economist at Lloyds Bank, available for comment on 23, 24 and 27 December 2013.
¹All prices are based on transactions between January 2008 and October 2013 recorded on the Land Registry database for transactions in England and Wales.
The data in this report are compiled from over 1.78 million UK post codes supplied by the Royal Mail in conjunction with the Land Registry database of housing transactions and prices.
House prices shown in the tables are arithmetic average prices of house transactions between January 2008 and October 2013. The transactions data is sourced from the Land Registry, and individual post codes (and not street name, as there can be several occurrences with same name) from the Royal Mail. Only post codes/streets where there have been at least seven transactions over the period are included.
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