It is no surprise that doing mostly anything in London, living, working, having fun or simply stepping out the door, will cost you a pretty penny. Well, Halifax has recently revealed that the top 10 most expensive streets in the UK are all in London, confirming just how tear-jerkingly expensive London really is. We’re unsure if this news is an honour or verging on unsettling.
The number one spot is taken by the second largest square in London, the illustrious Grosvenor Square in Mayfair where you’ll need to shell out a whopping £20.35 million to bag a property in the most expensive street in the UK. Grosvenor Square has been a pride of Mayfair for centuries, with the Square’s rich history tracing back all the way to the 1720s and has been home to Oscar Wilde and JFK among many other notable names.
Heading west to the borough of Kensington and Chelsea, Notting Hill’s Clarendon Road comes in at number two shy of the £20 million mark, at £19.96 million. To round out the top three and just about missing second spot is Knightsbridge where it’ll cost you an average of £19.95 million to be neighbours with Harrods.
Considering the average house price in the UK is now £283,615, the UK’s most expensive properties come in at 72 times more than the price of the typical home. With the average price on one of the UK’s priciest streets being £14.5 million, you’ll need an unbelievably well-lined and money to burn to get a house in that top 10.
Halifax’s study found that the most expensive street outside of London is East Road in Weybridge, where an average home will set you back over £9 million. For more about the study and a look at the regional key findings, head here.
Kim Kinnaird, Mortgages Director, Halifax said: “Buying any home is expensive and likely to be the biggest single purchase most people will ever make.
“Purchasing a property on one of Britain’s most expensive streets comes with a colossal price tag and it’ll be no surprise that house prices in London continue to dominate, with the top 10 priciest streets to buy a home all in the capital. But the gap between the most expensive streets is vast, depending on the region you live in, with the average house price for the priciest properties in London topping £20 million, compared to around £1.3 million in the North East.
“Even in the most expensive region outside of London, the South East, the top 10 most expensive streets are, on average, £10 million cheaper than their London equivalents.”