The most expensive street in Britain, where property prices average £35m

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Britain’s wealthiest homeowners are most likely to be found living on Kensington Palace Gardens in London, where average property prices are a whopping £35.6m, new data reveals.

Despite house prices on the prestigious road falling over the past year – by around £2.5m – it remains the most expensive street in the country, and is home to the likes of Formula One heiress Tamara Ecclestone and Chelsea FC owner Roman Abramovich.

The second priciest road in the UK, with an average property value of £21.9m, is Grosvenor Crescent in central London, and ranking in third place, having slipped from second last year, is The Boltons, where house prices average £19.8m.

The figures come from property portal Zoopla, which produces an annual “rich list” of the UK’s priciest streets. Unsurprisingly, they are all in London.

Outside London, Wentworth Drive in Virginia Water, Surrey is the nation’s most expensive street with an average property value of £6.2m.

According to Zoopla, there are now 14,417 streets in Britain where the average property value is £1m or more, up from 12,418 in 2016. Almost 95pc of these roads are located in Southern England.

Lawrence Hall of Zoopla said: “Despite London’s property market cooling over the past year, it’s no surprise that the capital’s most exclusive boroughs continue to dominate the list. This is partly thanks to some incredibly luxurious properties benefitting from unbeatable locations near the heart of the city.”

Last week it was revealed that house prices in London registered their first annual decline in eight years, making the capital the worst-performing region in Britain – a position it last held in 2005.

The data, published by Nationwide Building Society, showed a “marked slowdown” in London, particularly in higher-end neighbourhoods, while the rest of the country saw house prices continue to rise.

Source: The Telegraph Property