Kensington and Chelsea in west London has Britain’s most expensive street and the borough dominates the list of top-priced locations in a report today.
Egerton Crescent, close to Harrods luxury department store in Knightsbridge, is the most expensive address, with an average property value of 8.14 million pounds ($13.2 million), Lloyds TSB said. The district has 13 of the 20 priciest streets in England and Wales, it said.
Properties in the borough cost about five times more than the average home in London and are about 10 times more expensive than values nationally, housing-market reports show. Prices in the area received an additional boost in recent years as wealthy foreign buyers sought safer investments amid the debt turmoil in the euro area.
“The Royal Borough has been a highly fashionable area to live in for many decades,” said Nitesh Patel, an economist at Lloyds in London. “In recent years, its prime location in central London and classical architecture has attracted affluent celebrities and ultra-wealthy foreign businessmen, helping to drive up property prices.”
The U.K.’s second-most expensive street is Parkside in Wimbledon, southwest London, with an average house price of 5.16 million pounds, according to Lloyds, a unit of Lloyds Banking Group Plc. Kensington addresses -- Campden Hill Square, Blenheim Crescent and Lansdowne Road -- complete the top five.
Outside London, the costliest addresses are in the “leafy areas” of Surrey, southwest of the capital, Lloyds said. These include Woodlands Road West in Virginia Water, at 3.2 million pounds, and Leys Road in Leatherhead, at 3 million pounds. The most expensive street in Wales is Druidstone Road in Cardiff, with an average house price of 682,000 pounds.
The survey is based on transactions between January 2007 and September 2012 recorded on the Land Registry database. It only includes postal codes and streets where there have been at least seven transactions.