The pandemic may have seen an exodus out of many cities, but London retains its crown in having the priciest addresses in Britain.
The nation’s most expensive Millionaire’s Rows have been revealed by new research and top of the list is Tite Street, in the London borough of Chelsea and Kensington, where the average value of a home is just under £30million.
In fact, the top 10 most expensive streets are all in London and have an average price tag of more than £19million.
However, the costliest streets outside of the capital have seen prices increase faster, as buyers hunger for more space out of town after several lockdowns.
This four-bed terrace house in Tite Street, in London’s Chelsea, is for sale for £5.53million via John D Wood & Co estate agents
Top of the list of most expensive streets in Britain is Tite Street, London, according to the annual Halifax survey
The average price of a home on one of the ten most expensive streets in both the North and West Midlands increased 11 per cent in a year, making them the two best performing regions.
In the North West they have increased by 5 per cent on average, followed by the East Midlands at 4 per cent. London, in comparison, experienced just a 1 per cent increase.
At the other end of the scale, in the South West the prices of homes on these streets have tumbled 15 per cent, while in East Anglia the average price has dropped 5 per cent.
The most expensive road – Tite Street – is between the banks of the River Thames to the south and the iconic Kings Road to the north.
It replaces last year’s top spot, which was Avenue Road In London’s St John’s Wood, according to the annual survey by Halifax.
Second on the list is Phillimore Gardens, near Holland Park, where average prices stand at £25,188,000.
In third place is Mayfair’s South Audley Street, where an average home costs more than £22million.
In third place is Mayfair’s South Audley Street, where the average cost of a property is more than £22million
A one-bed flat in this luxury block in Mayfair’s South Audley Street is currently for sale for £2.1million via Carter Jonas estate agents
London streets continue to dominate the top 10 most expensive streets, particularly the areas of Kensington, Chelsea and the City of Westminster.
However, the South East proves that it has its fair share of expensive addresses too.
Ranked eleventh and twelfth are South Ridge and East Road in Surrey’s Weybridge, with average values at £7,125,000 and £6,862,000 respectively.
Esther Dijkstra, of Lloyds Bank, said: ‘London’s dominance of the top ten most expensive streets in the UK continues, with property prices on some of the most famous roads in the capital averaging £19 million.
HISTORY OF TITE STREET
The street is named after William Tite who was a member of the Metropolitan Board of Works, responsible for the construction of Chelsea Embankment to the south of Tite Street.
Gough House stood on the eastern side of the street, and was built around 1707. It became a school in 1830, then the Victoria Hospital for Children in 1866. In 1898, the building was considered not fit for purpose. The hospital moved to St George’s Hospital, and the original building was demolished in 1968. The site is now occupied by St Wilfred’s convent and home for the elderly.
In the late 19th century, the street was a favoured and fashionable location for artists and writers.
Oscar Wilde’s house at 34 Tite Street, is today commemorated with a blue plaque
‘Homes in the South East’s most expensive streets will set you back around £5.5 million, and you’ll benefit from more rural locations all within commuting distance of the capital.
‘However, much like house prices overall, homes in London have not experienced the same meteoric rise as other regions this year. Buyers with deeper pockets may be starting to look beyond the capital for their next grand home.’
Halifax used information from several sources, including the Land Registry, averaging values between January 2016 and September 2021.
London’s dominance continues despite the so-called ‘race for space’ among house hunters during the pandemic.
Guy Meacock, of buying agency Prime Purchase, explained: ‘Covid was the perfect catalyst, creating the desire, not just for space but more outside space, away from the neighbours and a bit of splendid isolation, which the densely populated city simply couldn’t supply.
‘There was compelling historical value to be found in the country compared with London, while an entire market cycle and extraordinary amount of activity was distilled into a tiny window of 18 months, which saw parts of the country become golden postcodes in their own right.’
However, he added: ‘Before Omicron emerged, city life had been rebounding fast.
‘Many people bought in the country as a knee-jerk reaction and may look back wondering whether they would have been better off renting, with employers reportedly asking staff to return to the office four days a week.
‘London’s star may have slipped but it has also seen a strong rebound with record levels of activity. Whatever befalls London, it continues to recover, the phoenix which keeps coming back.’
This five-bed semi-detached house in Tregunter Road, London – one of the most expensive streets in the country – is for sale for £23.5million via Forbes Gilbert-Green estate agents
|Street Name||Posttown||Region||Postcode||Average House Price
£ – 2016-2021*
|Tite Street||London||Greater London||Sw3||28,902,000|
|Phillimore Gardens||London||Greater London||W87||25,188,000|
|South Audley Street||London||Greater London||W1K||22,850,000|
|Chelsea Square||London||Greater London||Sw3||18,800,000|
|Queen Annes Gate||London||Greater London||Sw1||17,563,000|
|Ilchester Place||London||Greater London||W14||16,304,000|
|Kensington Park Gardens||London||Greater London||W11||15,683,000|
|Manresa Road||London||Greater London||Sw3||15,518,000|
|Tregunter Road||London||Greater London||Sw1||15,510,000|
|South Ridge||Weybridge||South East||Kt1||7,125,000|
|East Road||Weybridge||South East||Kt1||6,862,000|
|Montrose Gardens||Leatherhead||South East||Kt2||5,862,000|
|Witheridge Lane||High Wycombe||South East||Hp1||5,575,000|
|Virginia Avenue||Virginia Water||South East||Gu2||5,438,000|
|Charlbury Road||Oxford||South East||Ox2||5,103,000|
|Bucklers Hard||Brockenhurst||South East||So4||5,038,000|
|Hatton Hill||Windlesham||South East||Gu2||5,009,000|
|Fishers Wood||Ascot||South East||Sl5||4,804,000|
|Furze Field||Leatherhead||South East||Kt2||4,575,000|
|Source: Halifax *For period between January 2016 and September 2021|
Most expensive streets outside of London
The top two most expensive streets are in the North of England are in Windermere, on Old Hall Road, where average values are £2,508,000, followed by Newby Bridge Road at £1,488,000.
Seven of the top 10 most expensive streets in the North are based in Newcastle Upon Tyne, with Montagu Avenue the most expensive in the city and third on the list at £1,369,000.
In the North West, all the expensive streets are in Altrincham, Macclesfield, Knutsford and Alderley Edge.
Barrow Lane in Altrincham is the most expensive street with homes selling, on average, for £3,706,000 followed by Underwood Road in Alderley Edge at £2,925,000 and Stanhope Road in Altrincham at £2,785,000.
Theobald Road, also in Altrincham, has an average house price of £2,572,000, and Withinlee Road in Macclesfield is at £2,536,000 – completing the top five.
Yorkshire and the Humber
The most expensive street in the region is Fulwith Mill Lane, Harrogate, at £1,797,000, followed by Ling Lane, Leeds, at £1,551,000.
Hag Farm Road in Ilkley has an average price of £1,468,000, while Wetherby’s Linton Lane is at £1,353,000 and Sandmoor Drive, Leeds, at £1,351,000 make up the top five most expensive streets in the region.
In the West Midlands, Birmingham’s Carpenter Road at £3,088,000 takes the top spot, followed by Old Warwick Road in Solihull at £2,113,000.
Beechwood Croft at £1,930,000 and Ladywood Road at £1,836,000 in Sutton Coldfield are the third and fourth most expensive streets to live in the region, followed by Solihull’s Rising Lane at £1,759,000 in fifth.
The top three most expensive streets in the region can all be found in Leicester, with Benscliffe Road at £3,288,000 topping the pile, followed by Holmewood Drive at £1,940,000 and Ulverscroft Lane at £1,719,000.
Stamford’s St. Marys Street at £1,659,000 and Northampton Road in Rushden at £1,602,000 complete the top five.
The streets of Cambridge dominate the 10 most expensive in East Anglia. Most of these streets are close to the main University area in the CB2 and CB3 postal districts.
Chaucer Road is the most expensive street at £3,610,000 followed by Storeys Way at £2,585,000, Barrow Road at £2,319,000, Millington Rad at £2,317,000 and then Bentley Road at £2,104,000.
The region’s most desirable addresses are in the towns of Weybridge and Leatherhead.
South Ridge in Weybridge is the most expensive with an average price of £7,125,000, followed by East Road, also in Weybridge at £6,862,00.
In third place is Montrose Gardens in Leatherhead at an average price of £5,862,000 and completing the South East top five are Witheridge Lane, High Wycombe, at £5,575,000 and Virginia Avenue, Virginia Water, at £5,438,000.
Eight of the top 10 most expensive streets in the South West can be found in Poole, with the top two – Pearce Avenue at £3,478,000 and Panorama Road at £3,002,000 – found in the area.
Bath’s Weston Park completes the top three, with an average price of £2,796,000.
Poole has the final two streets to make the top five in the region, with Wilderton Road and Whitecliffe Road both attracting average house prices of £2,528,000.
Benar Headland in Pwllheli is Wales’s most expensive street with an average price of £2,152,000.
The most expensive street in the Welsh capital of Cardiff is Llandennis Avenue, where the average house price is £1,361,000.
Llys Helyg Drive in Llandudno at £1,219,000, Cliff Parade in Penarth at £1,213,000, and Hanley Cwrt in Usk at £1,152,000 complete the top five.