wWelcome to Phillimore Gardens, the most expensive street in the UK, where the average house will cost you £23.8m – or 83 times the average national property price. The tree-lined avenue of grand Victorian homes in the Royal Borough of Kensington and Chelsea in central London made Halifax’s list of the most expensive roads in the country.
London, which in recent years has become home to many members of the world’s super-rich, dominates the list with the capital taking 19 of the top 20 locations.
Phillimore Gardens, which stretch alongside Holland Park from the Duchess of Bedford’s Walk in the north to Kensington High Street in the south, took home the title after a house on the street sold for more than £37m this year, sending the average price soaring.
No. 15, on the favored west side of the street with gardens overlooking the park, changed hands for £37.5m in May, according to land registry filings. The property has increased in value by 89% since it was last sold for £19.75m in 2014. Before that, it was sold in 2002 for just £1.7m.
The street is built on land purchased by the Phillimore family in the early 18th century. Many of the homes are still part of the Phillimore Estate and are owned by direct descendants of William Phillimore who began building Phillimore Parks and adjoining streets in the late 1770s.
The land was formerly part of the extensive estate associated with Campden House, a vast Jacobean mansion destroyed by fire in 1862.
Streets in central or west London dominate the list. Second on the list is Grosvenor Square, less than three miles away in Mayfair and the former home of the US Embassy, where the average home is said to be worth £23.5m.
Third place goes to Ilchester Place, a 5-minute walk across Holland Park from Phillimore Gardens, with an average house price of £17.7m.
Halifax Mortgage Director Kim Kinnaird said: “For almost all of us, these homes and their incredible price tags are the stuff that fantasy home searches are made of.
Unsurprisingly, London’s streets are in the top 10 in the UK, and buying a house in Phillimore Gardens in London could cost you an average of £24 million.
However, the price of a prestigious title can vary widely across the UK. Living on the most expensive street in the North East or East Midlands would cost close to £1.5m.”
Only one road outside the capital makes it to 20th. Tetlarks Hill, a private road in Sunningdale, Berkshire, is ranked 12th with an average price of £12.3m.
The cheapest streets are in the northeast. Six of the 10 most expensive streets in the area are in Newcastle, but the title goes to Ramside Park in Durham where homes are valued at £1.6m.
In Wales, Benar Headland in Pwllheli is the most expensive street at an average price of £1.7m, followed by Llys Helyg Drive in Llandudno (£1.2m) and Hanley Court in Usk (£1.2m).
The median home price in the UK is currently £285,579, an increase of £12,000 from last year, according to Halifax. However, the lender warned that rising mortgage costs and a broader cost-of-living crisis would send house prices down about 8% next year.
Most expensive streets by area in England and Wales
LondonPhillimore Gardens, Kensington – £23.8 million
the NortheastRamside Park, Durham – £1.6 million
North WestBroadway, Altrincham – £3.2m
Yorkshire and the HumberManor House Lane, Leeds – £2.4 million
West MidlandsBakers Lane, Solihull – £2.3 million
East MidlandsWarren Hill, Leicester – 1.6 million pounds
East of EnglandChaucer Street, Cambridge – £4.2 million
southeastTitle: Tetlarks Hill, Ascot – £12.3m
SouthwestLawrence Driver, Paul – £4.1 million
WellsBenar Headland, Pwllheli – £1.7m
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