Kensington street named as Britain's most expensive

Kensington street named as Britain's most expensive

A street in London's exclusive borough of Kensington has been named the most expensive place to buy a home in the UK, according to a new study released this week by Lloyds Bank. 

According to the data, people looking to purchase a home in Victoria Road in Kensington are facing valuations of more than £8 million on average. And it's not just this one street where prices are staggeringly high; Kensington is in fact home to 12 of the 20 most expensive streets in the whole country. 

As well as Victoria Road, the borough is home to Egerton Crescent with an average price of £7,550,000, followed by Manresa Road at £7,359,000, De Vere Gardens at £6,606,000, Drayton Gardens at £5,954,000 and Chelsea Manor Road at £5,523,000.

Other prominent London boroughs that feature high on the list of most expensive streets include Westminster, where there are three streets that have some of the most expensive homes in the nation. 

The data from Lloyds Bank also indicates the scale of the north-south divide across the UK as a whole. At the moment, there is a £5.5 million gap between the value of the most expensive streets in the south-east and the rest of the UK, while there are also no million-pound streets in Wales and a £7.2 million gap between Wales and London's most expensive streets respectively. 

Andrew Mason, mortgages director at Lloyds Bank, said the draw of some of London's most glamorous boroughs and the reputations they have among rich investors helps to keep them high on the list. 

"The largest concentration of England's most expensive streets is in Kensington and Chelsea. This part of London has always had a glamorous reputation, attracting overseas buyers as well as those from the worlds of business and entertainment," he said. 

"The area clearly has its attractions with excellent schools, designer shops, close proximity to the capital's business district and properties with the highest specifications. Other areas in the capital have similar qualities but property prices in Kensington and Chelsea tend to outperform the rest of London."