London continues to dominate the UK’s superprime property market, with all 20 of the country’s priciest streets located within the capital, research shows.
Top of the list is Knightsbridge – the street by Hyde Park that is home to embassies and luxury hotels – where buyers will need to stump up on average £21.4m for a residential address.
That is nearly three times the price tag of the typical home on the most expensive street outside the capital and almost 60 times more than the average UK house price of £356,925, according to the Lloyds bank analysis of Land Registry data and Royal Mail postcodes.
After property values dropped last year, UK house prices were largely flat until the summer, when they started rising again, underpinned by cheaper mortgages and a pickup in wage growth. With more rate cuts forecast next year – although not as many as once hoped – the cost of property is predicted to keep climbing in 2025.
Ilchester Place in Holland Park, west London, comes second on the nationwide list with an average price tag of £19.4m. Last year’s No 1, Grosvenor Square in Mayfair, has dropped to third with an average of £19m.
Surrounded by tennis, cricket and golf clubs, leafy and little-known East Road in Surrey is the most expensive street outside London, where homes cost just over £8m.
An ambassadorial residence in a parkland setting on the St Georges Hill private estate on the thoroughfare in Weybridge is being marketed by Savills for nearly £23m. Set in 1.5 hectares (3.7 acres) of landscaped gardens, it has six reception rooms, nine bedroom suites and a spa.
“Outside of London, the most expensive streets in the country can all be found in the south-east, with East Road and Camp End Road – both in Weybridge – topping the list,” said Amanda Bryden, head of mortgages at Lloyds. “While the prices paid here aren’t quite reaching the heady heights of the capital, they still come in at £5.2m on average.”
In south-west England, Brudenell Avenue in Poole’s desirable Sandbanks area tops the table with an average home costing £3.1m. In the East Midlands, Croft Road in Nottingham boasts a figure of £1.6m, while Solihull’s Bakers Lane tops the West Midland with a £1.9m tag.
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In Yorkshire and the Humber, the most expensive street is once again Manor House Lane in Leeds at £2.1m, while in north-west England, two streets in Altrincham near Manchester – Barrow Lane and Broadway – came joint top with average price tags of £2.9m.
Queens Crescent in Auchterarder, home to the Gleneagles Hotel, is Scotland’s most expensive postcode at nearly £3m. Meanwhile, wealthy buyers looking for an exclusive address in Wales would need about £1.3m to buy at Benar Headland in Pwllheli, known as “the Welsh Sandbanks”.