The number of streets in Britain with homes valued at £1million or more has soared 20 per cent in the past year, new research has revealed.
It is the latest evidence of Britain’s growing number of property millionaires despite concerns about the health of the housing market amid stamp duty woes and Brexit uncertainty.
There are 17,289 streets in Britain where the average house price is at least £1million, according property website Zoopla – and top of the pile is London’s Kensington Palace Gardens, where the average property costs £36million
This map shows the most expensive streets in Britain’s biggest counties by population size, excluding London
The rise of the £1million roads has seen an increase of 2,872 streets – or 19.92 per cent – compared to a year ago.
Top of the list is Kensington Palace Gardens, in London, which has been named as the most expensive street in Britain every year for the past decade.
Formula One heiress Tamara Ecclestone lives at Kensington Palace Gardens
The street is overlooked by Kensington Palace, the home of the Duke and Duchess of Cambridge.
It is also home to some of the world’s richest people.
Residents include Formula One heiress Tamara Ecclestone, the daughter of billionaire Bernie Ecclestone, and the current Sultan of Brunei Hassanal Bolkiah.
The mega mansions occupying this tree-line avenue in the heart of London tend to boast indoor swimming pools and car museums as standard.
The average price of a property in Kensington Palace Gardens currently stands at £35,647,605, having risen £12,848,077 during the past 10 years, according to Zoopla.
However, it is the second year in a row that average values in the street have declined, down more than £1million annually.
All of the top 10 most expensive streets identified in the research are in London – where house prices tend to be higher.
However, values at the top end of the market have declined during the past 12 months as higher stamp duty and concerns about Brexit take their toll, with £4,605,215 being wiped off the total average house prices in the list of top 10 most expensive streets.
This includes the average price of a home in Kensington Palace Gardens, which has dropped £1,301,983 in value compared to this time last year.
| Rank | Street Name | Area | Average property value (£) | ||
|---|---|---|---|---|---|
| 1 | Kensington Palace Gardens, London W8 | London | £35,647,605 | ||
| 2 | Grosvenor Crescent, London SW1X | London | £21,738,111 | ||
| 3 | Courtenay Avenue, London N6 | London | £21,054,602 | ||
| 4 | The Boltons, London SW10 | London | £19,252,295 | ||
| 5 | Ilchester Place, London W14 | London | £15,235,846 | ||
| 6 | Compton Avenue, London N6 | London | £13,599,140 | ||
| 7 | Albemarle Street, London W1S | London | £11,906,934 | ||
| 8 | Cottesmore Gardens, London W8 | London | £11,869,602 | ||
| 9 | Frognal Way, London NW3 | London | £11,627,793 | ||
| 10 | Manresa Road, London SW3 | London | £11,271,556 | ||
| Source; Zoopla | |||||
Pictured: The top 10 most expensive streets in London, according to property website Zoopla
Continuing increases in house prices around the rest of the country means that those who don’t live near royalty or an heiress may still not be far from a street where the average house price exceeds £1million.
Montrose Gardens, in Leatherhead, Surrey, tops the list outside of London, with an average property value reaching £5,923,253 – but this is down from £6,044,860 in 2017.
Phillippines Shaw close to Sevenoaks, Kent, is in second place, with an average value of £4,112,413, ahead of Robins Nest Hill, near to Hertford, Hertfordshire, in third place at £3,782,579.
This six-bedroom house is on London’s Courtenay Avenue , which is the third most expensive street in the country
The Courtenay Avenue property is on the market with a price tag of £8,650,000 via estate agents Glentree
The Courtenay Avenue property has three floors , which include this spacious dining room that can cater for more than a dozen friends and family
A total of 91 per cent of streets with an average property price of £1million and above are found in the South, with 6,491 found in the South East.
By contrast, Wales and Scotland have a lower number at 33 and 161 respectively. And the North East currently only has 97.
This six-bedroom house is in London’s Compton Avenue, which is in the sixth most expensive street in the country
The impressive Compton Avenue property is for sale for £9.5m via estate agents Oliver James
Outside entertainment area: The large garden includes a lawn area, patio and a swimming pool with a cover
At the same time, 19 of the top 20 towns with the most £1million plus streets can all be found in the South, with the only exception being Manchester’s Altrincham.
Excluding London, Reading in Berkshire takes the top towns spot with 242 streets, Guildford in Surrey is second with 230 followed by Sevenoaks in Kent with 218.
Lawrence Hall, from Zoopla, said: ‘Despite London’s property market continuing to plateau, its sheer desirability means that its most exclusive boroughs continue to dominate the list.
‘While the capital may be home to the most expensive streets, it’s the South East that takes the top spot for the highest volume of streets with an average value of £1million or more, perhaps due to the rising cost of London’s commuter-belt areas.’
This six-bedroom house is in Sevenoaks (Kent), which is third in the separate list of towns with the highest number of streets that have an average property value of £1m-plus
The Sevenoaks home is on the market for £2.95m via estate agents Hamptons International
The house is in a gated community and extends across 6,000 sq ft , with nearby woodland
| Rank | Town | Number of streets with an average property value of £1m or more |
|---|---|---|
| 1 | Reading | 242 |
| 2 | Guildford | 230 |
| 3 | Sevenoaks | 218 |
| 4 | Leatherhead | 206 |
| 5 | Farnham | 184 |
| 6 | Woking | 175 |
| 7 | Richmond | 170 |
| 8 | Esher | 155 |
| 9 | Maidenhead | 146 |
| 10 | Harpenden | 145 |
| Source: Zoopla |
This property for sale is in Lovelace Avenue, Solihull, which is eighth in the separate list of the top 10 most expensive streets by county
The unique Lovelace Avenue house is on the market for £1m via estate agents Simon Burt
The Lovelace Avenue property is Grade II listed and comes with four bedrooms and three bathrooms