This week, managing partner and real estate expert Richard Spector looks at news that more than 14,000 streets now have an average property value of £1 million or more.
Exactly 14,417 streets boast an average property value of £1 million or more, compared to 12,418 the year previous, found Zoopla, the online property platform.
This is a significant rise, and one that highlights Britain’s healthy – albeit spiralling – property market.
The most expensive street, no less than Kensington Palaces Gardens, tops the table with an average asking price of £35,696,711. The street is allegedly home to Chelsea football club owner Roman Abramovich, Formula One heiress Tamara Ecclestone, and the Sultan of Brunei, Hassanal Bolkiah.
The west-central London street is followed by Grosvenor Crescent, where property prices regularly top £21,984,033, according to Zoopla.
The Boltons, in the SW10 postcode, was overtaken in second place this year but still demands an average asking price of £19,858,239.
A newcomer to the list, Albemarle Street, in the W1S postcode, came out as the eighth most expensive street in the UK, with an average property price of £11,371,851.
Zoopla also revealed that some 94.2 per cent of streets with an average property price of £1 million or more are located in the south of England, 5,899 of which are found in Greater London, compared to just 11 in Wales and 109 in Scotland.
Lawrence Hall, a Zoopla spokesperson, said: “Despite London’s property market cooling over the past year, it’s no surprise that the capital’s most exclusive boroughs continue to dominate the list.
“This is partly thanks to some incredibly luxurious properties benefiting from unbeatable locations near the heart of the city.”
About Richard Spector: Managing Partner Richard specialises in property transactions and commercial litigation. Richard has acted in a number of high-profile cases and was heavily involved in the litigation that arose from the collapse of Lehman Brothers. Richard has been involved in a number of cross-border litigation cases and recently acted successfully for the Claimants in Harlequin Property (SVG) Ltd & Anr v Wilkins Kennedy, listed in the Lawyer’s top 20 cases of 2016.
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