Top-end properties are streets ahead: Lloyds Bank

While hundreds of thousands of people are struggling to make ends meet on their mortgages - with the Bank of England stating last week that a 2.5 per cent rise in base rates could push 8m people into property poverty, the wealthiest in the UK are sitting on immense property wealth.

According to the data, the most expensive residential streets in England and Wales remain in the Royal Borough of Kensington and Chelsea. Egerton Crescent is the nation’s most costly 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 four to five bedrooms.

Nitesh Patel, economist at Lloyds Bank, said: “The borough of 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.

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“Across most regions, the most expensive streets are tightly clustered within the same area.”

Elsewhere across the Capital, six of the 10 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).

On the outskirts of London, the capital’s costliest addresses are The Bishops Avenue in Hampstead, which has an average property value of £6,203,000, and Parkside in Merton (£5,212,000) – the sixth priciest street.

Perhaps unsurprisingly, the 50 most expensive addresses are in the south of England. However, there are some expensive streets north of the Watford Gap. Macclesfield boasts Withinlee Road, which has an average property price of £1.8. The Wirral’s Thorsway has an average of £1.5m and Harrogate also boasts £1m-plus property prices.