Prestigious Central London still the UK's most expensive

Prestigious Central London still the UK's most expensive

It won't come as a surprise to many people to find out that the prestigious streets of Central London, consistently the most in-demand area of the UK property sector, are once again the most expensive places to buy in the whole country in 2014.

In spite of the threat of a mansion tax that would hit the area hard, demand for this type of property has remained high throughout the year to keep prices there higher than anywhere else in the UK. 

Research from Lloyds Bank has shown that the streets of Belgravia and Knightsbridge in the centre of the capital are the most expensive in the UK. Located in one of the most prestigious areas of the capital, Belgravia's Grosvenor Crescent, sat between Hyde Park Corner and Belgrave Square, is the country's most costly street. 

According to Lloyds, to buy an average home on the street, all of which are Grade II listed, would cost a buyer £16.9 million. 

The bank said that five of the ten most expensive streets in the whole country are in Belgravia and Knightsbridge, with the prestige of these two areas bringing investors to the markets time and again to push demand and competition ever higher. 

Behind Grosvenor Crescent is Eaton Square, where the average property costs some £15.5 million, and Chester Square, where buyers will have to splash out just under £9 million. Both of these are in Belgravia, whereas Knightsbridge has Trevor Street at £10.1 million and Montpelier Street at £8.4 million. 

The remaining top ten most expensive streets are all in Kensington and Chelsea, where Cadogan Square leads the way with a property price averaging £8.5 million. 

Andy Hulme, mortgages director at Lloyds Bank, said: "London dominates the list of the most expensive residential addresses in England and Wales. As an international city, London has always attracted overseas buyers and in recent years the capital has been a magnet for ultra high net worth individuals.

"This has led to soaring demand for homes in the prime residential areas of central London and as a result values have grown significantly. For the first time since this survey began, there are three streets with an average property price of over £10 million."