Welcome to Phillimore Gardens, the most expensive street in the UK, where the average house will set you back £23.8 million – or 83 times the national average property price. The tree-lined street of grand Victorian houses in the royal borough of Kensington and Chelsea, central London, topped mortgage lender Halifax’s list of the country’s most expensive roads.
London, which has become home to many members of the world’s super-rich in recent years, dominates the list, with the capital occupying 19 of the top 20 places.
Phillimore Gardens, which runs along Holland Park from Bedford’s Duchess Alley in the north to Kensington High Street in the south, took the title after a house on the street sold this year for more than £37m, pushing up the average price.
Rents for “super-prime” properties like this one in London are holding up despite a tough economy, according to a report. Photo: Alex Winship/PA
Number 15, on the favored west side of the street with gardens overlooking the park, changed hands for £37.5m in May, according to land registry documents. The property has increased in value by 89% since it last sold for £19.75m in 2014. It previously sold in 2002 for just £1.7m.
The street was built on land purchased by the Phillimore family in the early 18th century. Many of the houses are still part of the Phillimore Estate and are owned by direct descendants of William Phillimore, who first undertook to build Phillimore Gardens and the adjoining streets in the late 1770s.
The land was previously part of the extensive estate attached to Campden House, a sprawling Jacobean estate which was destroyed by fire in 1862.
the most expensive streets
The top of the list is dominated by streets in central or west London. Second on the list is Grosvenor Square, less than three miles away in Mayfair and the former home of the US Embassy, where the average home is said to cost £23.5 million.
Third place goes to Ilchester Place, a five-minute walk across Holland Park from Phillimore Gardens, where the average house costs £17.7 million.
Kim Kinard, director of mortgages at Halifax, said: “For almost all of us, these homes and their impressive prices are what make fantastic homes.
“Unsurprisingly, London’s roads make the top 10 streets in the UK and buying a home in London’s Phillimore Gardens can set you back a staggering £24m on average.
“However, the cost of a prestigious address can vary widely across the UK. Living on the most expensive street in the North East or East Midlands will cost around £1.5m.’
Only one road outside the capital made it into the top 20. Titlarks Hill, a private road in Sunningdale, Berkshire, took 12th place with an average price of £12.3m.
The cheapest and most expensive streets are located in the northeast. Six of the region’s 10 most expensive streets are in Newcastle, but the title goes to Ramside Park in Durham, where houses cost an average of £1.6 million.
In Wales, Benar Headland in Pwllheli is the most expensive street with an average price of £1.7m, followed by Llys Helyg Drive in Llandudno (£1.2m) and Hanley Cwrt in Usk (£1.2m).
The average UK house price is currently £285,579, up £12,000 on a year earlier, according to Halifax. However, the lender warned that rising mortgage costs and the wider cost-of-living crisis would reduce house prices by around 8% next year.
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The most expensive streets by region in England and Wales
London: Phillimore Gardens, Kensington – £23.8m
North East: Ramside Park, Durham – £1.6m
North West: Broadway, Altrincham – £3.2m
Yorkshire and the Humber: Manor House Lane, Leeds – £2.4m
West Midlands: Bakers Lane, Solihull – £2.3m
East Midlands: Warren Hill, Leicester – £1.6m
East Anglia: Chaucer Road, Cambridge – £4.2m
South East: Titlarks Hill, Ascot – £12.3m
South West: Lawrence Drive, Poole – £4.1m
Wales: Benar Headland, Pwllheli – £1.7m
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