A leafy Millionaire’s Row has seen the average house price on the street rise by more than half-a-million pounds in a year, figures have revealed.
Montrose Gardens, in Leatherhead, Surrey, is the most expensive street in Britain outside of London and despite the claim of struggles at the top end of the property market, Zoopla claims that the average home on its value rose by £576,817 during the past year.
The property website named the 10 streets with the highest average property price outside the capital.
Zoopla named the 10 streets with the highest average property price outside the capital
Montrose Gardens in Leatherhead, Surrey, is the most expensive street in Britain outside of London
Top of the list – for the second year running – is Montrose Gardens. However, what is different this year is that its average house price is significantly higher than 12 months ago, up from £5,923,253 to £6,500,070.
That comes even as high-end values are being affected by high purchase costs, huge stamp duty bills and concerns about Brexit.
Temple Gardens, in Rickmansworth, Hertfordshire, is in second place, with average values reaching £4,365,016, ahead of Phillippines Shaw, in Sevenoaks, Kent at £3,884,107.
Other big hitters include Dock Lane, in Brockenhurst, in the New Forest, Hampshire, at £3,158,252, and Bennet Road in Salcombe, Devon, at £1,856,229.
Temple Gardens in the town of Rickmansworth, Hertfordshire, pictured, is in second place, with average values reaching £4,365,016
Bennett Street in the seaside town of Salcombe, Devon, pictured is in the top 10, with average values reaching £1,856,229
NUMBER OF ‘MILLIONAIRES’ ROWS’ IS DOWN 10%
The number of ‘millionaires’ rows’ has fallen by 10 per cent, Zoopla revealed. It showed there are 1,805 fewer roads where houses have an average value of £1million or more.
The research found that in September there were 15,484 ‘million-pound streets’ in the country, down from 17,289 in the same month last year.
The report said: ‘The bulk of the losses have been in London and the South East, which are home to the majority of million-pound streets but are also areas where house prices have been generally falling recently.’
While wealthy homebuyers need £6.5million to buy a home in the most expensive streets outside London, they will need to fork out more than £30million to own a property in the most expensive street in the country.
Kensington Palace Gardens, in west London, has been named by Zoopla as the most expensive street in London for the eleventh in a row.
However, the typical value of a home in the street has continued to fall for the third year running, currently at £32,870,284, down from £35,647,605 a year ago.
The prestigious address, which is just a stone’s throw away from the royals at Kensington Palace, is home to some of Britain’s wealthiest homeowners including Formula One heiress Tamara Ecclestone and Chelsea Football Club owner Roman Abramovich.
Coopersale Street in Epping, Essex, has a typical value of £2,727,798
Phillippines Shaw in Sevenoaks, Kent, has an average house price of £3,884,107
New research found that in September there were 15,484 ‘million-pound streets’ in the country, down from 17,289 in the same month last year
London’s exclusive enclaves dominate the rest of Britain’s top streets, including Courtenay Avenue, which moves up from third place last year to second place today, with an average house price of £19,505,013.
It is followed by Grosvenor Crescent, where average values are £19,065,523 and Ilchester Place at £15,088,090.
Reading has the highest number of streets – 207 of them – where the average property is valued at more than one million pounds according to the Zoopla research. However, it is down 35 compared with a year ago.
Its links with London and the riverside setting of some of Reading’s better streets account for the high property prices in the university town.
The Surrey town of Guildford is second with 200, followed by Sevenoaks in Kent with 196.
A total of 91 per cent of streets with an average property price of £1million and above are found in the South.
The Ridgeway in Leicester is also in the top 10 with an average house price of £1,856,229
Zoopla’s Laura Howard said: It’s no surprise that it’s the capital that plays host to Britain’s most expensive streets – but even to the super-rich, the wealth that can be found among them is mind-blowing.
The research is based on Zoopla’s price estimates, which used a complicated algorithm to suggest the values of properties around the country.
The algorithm incorporates a number of pieces of data, including the number of property sales in a particular street at any given time.
In the case of Montrose Gardens – the most expensive street outside of London – the algorithm showed only one property sale in the past 12 months.
‘Homeowners in Kensington Palace Gardens for example, have seen almost £2.8million wiped off the value of their homes the last 12 months. But with typical property prices still shy of £33million, it’s probable they haven’t even noticed.
‘Outside of London, it’s exclusive pockets of the well-heeled home counties, such as Kent, Surrey and Hertfordshire that boast the priciest streets.’
And, being one step removed from London’s cooling market, some property values are even higher than last year, such as Montrose Garden in Leatherhead.
‘Even the broarder picture of towns that have the highest concentration of £1million streets (on which the average property price stands at £1million or more) shows a strong southern bias, with 19 of the top 20 all located in southern England, the exception being Manchester’s Altrincham.
‘Ultimately, our Rich List is a fascinating insight not into how the ‘other half’ lives, but how the other ‘one per cent’ lives.’
|Rank||Street Name||Area||Average Property Value (£)|
|1||Kensington Palace Gardens, London W8||London||£32,870,284|
|2||Courtenay Avenue, London N6||London||£19,505,013|
|3||Grosvenor Crescent, London SW1X||London||£19,065,523|
|4||Ilchester Place, London W14||London||£15,088,090|
|5||The Boltons, London SW10||London||£14,334,818|
|6||Compton Avenue, London N6||London||£12,617,782|
|7||Frognal Way, London NW3||London||£11,295,407|
|8||Albemarle Street, London W1S||London||£10,985,823|
|9||Manresa Road, London SW3||London||£10,779,903|
|10||Cottesmore Gardens, London W8||London||£10,699,120|
|Source: Zoopla, September 2019|
There are now 15,484 streets in Britain where the average property value is £1million or more, down from 17,289 in 2018.
House price growth came to a near standstill in the year to July as the value of homes rose by just 0.7 per cent, the slowest growth in seven years, according to official data.
The figures from Office for National Statistics continue a three-year trend of declining growth in house prices, driven mainly by the South and East of England.
London prices however saw a small uptick of one per cent in July, despite seeing the fastest drop in house prices since the recession in the year to May.
|Rank||Post Town Area||Number of streets with an average property value of £1 million+||Change since Sept 2018|