Properties in the most expensive street in southern England cost more than four times as much as ones on the most expensive street in the north, according to new research.
Those in Wycombe Square in the London borough of Kensington and Chelsea are the most expensive, costing an average of £5.4 million, a survey from mortgage lender Halifax shows.
While in the northern half of the UK the most expensive streets are Withinlee Road in Macclesfield and Park Lane in Altrincham, Cheshire, where the average property costs just £1.2 million.
After London the most costly streets in the southern half of the country are Moles Hill in Leatherhead, Surrey, with the average property costing £2.6 million, followed by Leys Road, also in Leatherhead, at £2.5 million and Woodlands Road West, in Virginia Water, Surrey, at £2.5 million.
In Wales, Halifax’s research found the most expensive residential street was Druidstone Road, in the Old St Mellons area of Cardiff. Homes on the road have changed hands for an average of £621,000.
Nitesh Patel, housing economist at Halifax, said it was not a surprise that many of the most expensive residential streets are in the Royal Borough of Kensington and Chelsea, with more than half of the 30 most expensive London streets in the borough.
‘Kensington and Chelsea has long had a global appeal but the fall in the value of sterling has helped to attract foreign buyers over the past year despite the worldwide economic recession. Across most regions, the survey shows that the most expensive streets are tightly clustered within the same area,’ Patel added.
The most expensive street in Scotland is Warriston Crescent in Edinburgh, a row of elegant townhouses next to the Water of Leith, with an average house price of £960,671, according to a separate report from the Bank of Scotland.
Edinburgh has six of the top ten most expensive streets in Scotland. At number two in the list is Drumsheugh Gardens, with an average house price of £883,254, while third position is taken by Merchiston Gardens, where properties fetch £672,856 on average. The most expensive street outside Edinburgh is Morningfield Road in Aberdeen’s west end with an average price of £592,297 while Glasgow’s most expensive street is Royal Gardens with an average price of £571,500, followed by Victoria Park Gardens South in Broomhill at £523,429.