Taking second and third place for the streets with the average highest property price tag are Vicarage Gate in Holland Park and Park Road in St John’s Wood, which have average purchase prices of £6,332,000 and £5,814,286 respectively.
The analysis by Rightmove ranked the most expensive streets in the UK, the top five of which all fell within London boroughs.
Outside of London, Old Avenue in Weybridge, Surrey, is currently the most expensive street to buy on, with an average asking price of £2,633,333. The Ridgeway in Potters Bar, Hertfordshire came second with an average price tag of £2,289,286, while Manor Road in Chigwell, Essex came third, costing an average of £2,219,444.
Despite the eye-watering cost, sales searches for prestigious London boroughs are up. Searches are up 35% year-on-year (YOY) in Mayfair, up 15% in St John’s Wood and up 11% in Holland Park.
‘Clearly a fascination with these prestigious homes’
If you thought renting was a cheaper way to gain access to homes in the most prestigious postcode areas, you’d be wrong.
The most expensive street to rent in the UK is Albion Street in Bayswater, West London, where properties are being rented for £20,857 per month on average.
This is followed by Pavilion Road in Knightsbridge, where you can rent a property for £15,251 per month on average. Duke Street in Mayfair has taken the third spot for the most expensive street to rent, where you can expect to pay £14,441 per month on average.
Outside of London, the most expensive street to rent on is London Road in Ascot, Berkshire, where a property is rented for £6,831 per month on average.
Manor Road in Chigwell, Essex is the second-most expensive street to rent this year, with an average monthly rent of £4,311. Deansgate in Manchester follows closely behind, where you will find properties costing around £3,766 per month on average.
Tim Bannister, Rightmove’s property expert, said: “London’s status as the hub of luxury property in the UK remains unchallenged, with Buckingham Gate in Westminster commanding the highest average asking price. Although the possibility of buying one of these homes is limited to a very lucky few, there’s clearly a fascination with these prestigious homes, as we find they’re often among our most viewed properties on Rightmove.”
