Halifax has revealed the UK’s most expensive streets in 2021, with Tite Street in the London Borough of Chelsea and Kensington at the top of this year’s property Christmas tree – with an average house price of £28.9million. The street, set between the banks of the River Thames to the South and the famous Kings Road to the North, replaces last year’s top spot, Avenue Road in London’s St John’s Wood.
Second on the list is Phillimore Gardens, with average house prices on the prestigious street near Kensington and Holland Park at £25,188,000. In third, a home amongst the festive lights of Mayfair’s South Audley Street will set buyers back over £22 million (£22,850,000) on average.
While London streets continue to dominate the Top 10, mainly located in the prime residential areas of Kensington, Chelsea and the City of Westminster, the South East proves it’s got its fair share of pricey properties too.
Taking the 11th and 12th spots, South Ridge (£7,125,000) and East Road (£6,862,000), are both in Weybridge, a small town just outside the M25. .
Esther Dijkstra, Mortgage Director, Lloyds Bank, said: “London’s dominance of the top ten most expensive streets in the UK continues, with property prices on some of the most famous roads in the capital averaging £19 million. Homes in the South East’s most expensive streets will set you back around £5.5 million, and you’ll benefit from more rural locations all within commuting distance of the capital.
“However, much like house prices overall, homes in London have not experienced the same meteoric rise as other regions this year. Buyers with deeper pockets may be starting to look beyond the capital for their next grand home..”
The average price of a home on one of the ten most expensive streets in both the North and West Midlands increased 11% in a year, making them the two best performing regions. In the North West they have increased by 5% on average, followed by the East Midlands at 4%. London, in comparison, experienced just a 1% increase.
At the other end of the scale, in the South West the prices of homes on these streets have tumbled 15%, while in East Anglia the average price has dropped 5%.
Source: Land Registry and Royal Mail. *For period between January 2016 and September 2021.