The London borough of Kensington and Chelsea is home to six out of the 10 most expensive streets in England and Wales, a report has found.
For the second year running, Egerton Crescent in South Kensington was named by Lloyds Bank as the country’s dearest place to live, with homes there having a typical price tag of just under £7.4m.
Located near to the Victoria and Albert Museum (V&A) and Harrods, many properties in Egerton Crescent are Grade II-listed Georgian homes boasting four or five bedrooms.
Cadogan Square, Prince Consort Road, Drayton Gardens, Eaton Square and Blenheim Crescent were the other addresses making up the top 10 list, with homes in all these areas costing around £5m.
The Bishops Avenue in the leafy London area of Hampstead was named as the country’s second most expensive street. Dubbed “billionaires’ row”, its average house price is a cool £6.2m.
Withinlee Road in Macclesfield, Cheshire, was the only street outside southern England to make the top 50 list, with homes there going for almost £1.9m, putting it at number 48.
London made up 19 of the top 20 most expensive streets. Spicers Field in Oxshott, Surrey has the highest average house price outside London, with homes there typically costing £3.5m. Spicers Field was in 19th place on the list.
The most expensive street in Wales was named as Gannock Park in Conwy, with an average house price of £655,000, followed by the Cardiff streets of Druidstone Road and Lake Road West where homes have values of around £636,000. These are followed by East Cliff in Swansea and Llantrithyd Road in Cowbridge, where homes are typically worth £608,000 and £555,000 respectively.
Nitesh Patel, an economist at Lloyds Bank, said: “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.”
Lloyds used Land Registry house sales figures between 2008 and 2013 to compile its report, which revealed seven out of 10 of the most expensive streets in Yorkshire and the Humber were located in the “golden triangle” between Harrogate, Wetherby and north Leeds.
Six of the 10 most expensive streets in the North East were in Newcastle, particularly in the areas of Gosforth and Ponteland. Graham Park Road in Newcastle was found to be the most expensive street in the region, with homes there worth around £1.1m
In the South West, most of the dearest addresses were found along the south coast – with five of the 10 most expensive streets in Poole in Dorset.