Kensington named as having the most expensive homes in the UK
25-06-2012
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The most expensive street is Kensington Palace Gardens where the average property is now valued at £22,167,649, a new report from property company Zoopla shows.
It also reveals that there are now 245,790 homes worth over £1 million in Britain, there are 6,682 million pound streets of which 35% are in London and Virginia Water in Surrey tops the list of most valuable towns.
Average house prices in Kensington now stand at £1,873,866, up 5% or £90,853on last year. The next most valuable locations are Knightsbridge with and average price of £1,430,863, Chelsea at £1,425,385, Notting Hill at £1,302,763 and West Brompton at £1,140,593.
Britain is now home to 245,790 property millionaires, up 12% on this time last year. Some 2,326 million pound streets are in London, followed by Guildford with 116, Leatherhead with 92 and Beaconsfield with 88. Footballer’s favourite, Cobham in Surrey, rounds out the top five with 78 million pound streets.
Property values in the most expensive parts of the London are now almost 10 times higher than in other parts of the country. An iPad sized area of floor space in Kensington now costs over £550 on average whilst the same amount of space in Middlesbrough costs only £60. Virginia Water in Surrey, home of the exclusive Wentworth Golf Club, is the most expensive area outside London. Average prices in the wealthy oasis now stand at £968,009, down 2.94% on last year.
‘While the majority of the country’s homeowners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run over the past year. International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots,’ said Nicholas Leeming, business development director of Zoopla.
