01 Dec London, Surrey and Buckinghamshire at the top of Britain’s most expensive postcodes .
The value of properties in Britain’s most expensive streets is rising at nearly twice the national average.
New research made by property website Zoopla has revealed that the top 20 most expensive addresses in Britain are all placed in London, with Kensington Palace Gardens being the most valuable with an average price of £42,730,760 (62 times the value of an average British home).
Also known as ‘Billionaires Row’, several well known, wealthy individuals, such as the Sultan of Brunei and Tamara Ecclestone own a property there.
The Boltons in SW10 takes second place with an average house price of £26,570,341, and Grosvenor Crescent in SW1 rounds out the top three with an average property price of £22,293,470. The portal’s annual Property Richlist shows that there are now 484,081 homeowners in Britain with a house valued at £1 million or more – up 49% on last year-, and that this year, 10,613 streets have average property values of over £1 million, and a third of those (3,744) are in the capital.
Lawrence Hall, Zoopla’s Head of Communications, stated that prime properties in the capital “have long been a magnet for the super-wealthy looking for a safe investment asset. The fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns for the lucky few who can afford these stratospheric price tags”.
The value of properties in Britain’s most expensive streets is rising at nearly twice the national average, indicating that the number of “property millionaires” –with homes worth more than £1 million– is nearly 50% higher than it was last year. Property prices have increased by 12.9% over the last 12 months, whilst the national average house price rise over the same period is almost halft that of 6.6%.
When studying areas in the capital, Kensington (W8) remains to be London’s most valuable postcode, with average property price of £2.78m. Neighbouring Knightsbridge (SW7), is the next most expensive zone, with an average property value of £2.48m, while property values in third-placed Chelsea (SW3) stand at £2.37m.
The remainder of the top 10 is dominated by districts in the South West, West and North West London.
Outside of London, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is currently worth £5,605,067. Indeed, the two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water being valued at £1,186,262 and £1,003,400 at Cobham.