Residential riches
Property Rich List reveals Britain's hottest property spots
Britain's Property Rich List 2008, released today, reveals that Kensington Palace Gardens, in London's swanky W8 is officially the most expensive street to live on in Britain - with average home values at a staggering £41.4 million. This tree-lined, gated community adjacent to Kensington Palace and Hyde Park is home to some of the UK's wealthiest individuals including billionaire Industrialist Lakshmi Mittal. In second place is Compton Avenue, located opposite Kenwood in North London, where average home values stand at just over £7.5 million.
Published by Zoopla.co.uk, the UK's leading property valuation website, the list highlights exactly where's hot and where's not across England, Scotland and Wales.
Top 10 'Highest value streets' in Britain
Street | Average values | |
|---|---|---|
1 | £41,375,488 | |
2 | £7,516,422 | |
3 | £6,100,427 | |
4 | £5,948,996 | |
5 | £5,463,249 | |
6 | £5,329,546 | |
7 | £5,284,724 | |
8 | £5,142,669 | |
9 | £5,115,968 | |
10 | £5,007,586 |
Unsurprisingly, London dominates the Property Rich List as home to all of Britain's Top 20 Highest value streets, with average values exceeding £4.5m to make the cut this year. Demonstrating the high concentration of wealth within a few exclusive areas of the capital, fashionable Kensington, Knightsbridge and Chelsea account for twelve of the top twenty most expensive streets in Britain, followed closely by leafy Hampstead and Highgate with six of the top twenty.
As a result of the property boom of the past few years and further highlighting the North/South divide, London now has over a thousand (1,106) streets where home values are currently over £1 million. By contrast, Manchester and Liverpool are home to 2,555 and 1,834 streets respectively where average values remain below £100,000.
When it comes to the most expensive areas to live in Britain, whilst London occupies many of the top slots (with average home values in some areas up to five times the national average), other areas outside the capital rounding out the Top 20 Areas include Virginia Water, Cobham and Leatherhead in Surrey and Beaconsfield, Chalfont St Giles and Gerrards Cross in Buckinghamshire.
Top 10 'Highest value areas' in Britain
Area | Average values | |
|---|---|---|
1 | £1,316,345 | |
2 | £1,046,420 | |
3 | £1,037,914 | |
4 | £827,967 | |
5 | £807,346 | |
6 | £782,066 | |
7 | £730,964 | |
8 | £690,098 | |
9 | £674,584 | |
10 | £671,634 |
Outside London, Britain's 20 'Highest value towns' are concentrated throughout the South East with the exception of Salcombe in Devon, where average values are currently £470,147. At the other end of the spectrum, some of the lowest value areas in Britain are to be found in Middlesbrough, Hull and Grimsby. See the full list of 'Lowest value areas/towns'.
Top 10 'Highest value towns' in Britain
Town | Average values | |
|---|---|---|
1 | £807,346 | |
2 | £690,098 | |
3 | £674,584 | |
4 | £651,563 | |
5 | £645,910 | |
6 | £627,439 | |
7 | £625,607 | |
8 | £555,148 | |
9 | £548,043 | |
10 | £541,715 |
Alex Chesterman, CEO of Zoopla.co.uk commented:
"The Property Rich List provides the most in-depth guide to property values in different areas of Britain, highlighting where's hot and where's not and is updated continuously, allowing us to report on movements and trends. Zoopla.co.uk provides free, instant value estimates on all 27 million UK homes, allowing users to check out and track the value of their home, or anyone else's, along with local information and market trends. As the UK's most comprehensive guide to property values, Zoopla.co.uk is fast-becoming an essential resource for anyone interested in the property market."
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