Kensington Palace Gardens in west London is UK’s most expensive street where every property is worth an average £42.6m over 150 times the national average value according to a new report by Zoopla, the property website. The 29 mansions on the gated street which boasts residents including steel magnate Lakshmi Mittal, Russian Oligarchs Britain’s richest man Len Blavatnik and Chelsea Football Club owner Roman Abramovich, is worth a combined £1.24bn.
The Boltons in SW10, where a nine-bedroom detached house sold for £51m in April, takes second place, with average property values standing at £30.3m. Grosvenor Crescent in the exclusive suburb of SW1 rounds out the top three, with an average property price of £22.8m.
The top-performing postcode is Kensington’s W8, boasting average property prices of £2.77m. Neighbouring SW7 (Knightsbridge), the next most expensive area in the capital, has average values of £2.43m, while property values in third-placed SW3 (Chelsea) stand at £2.24m.
Rich residents: Lakshmi and Usha Mittal; Dasha Zhukova and Roman Abramovich; Len Blavatnik and his wife have boosted the fortunes of Kensington Palace Gardens
Lawrence Hall of Zoopla, said: “London continues to be the epicentre of the million-pound property market in Britain but the Zoopla Property Rich List reveals a number of high value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools.”
The survey also found Britain now has almost 11,000 streets where homes are worth over £1 million. It continues the trend where property has become the fastest growing asset class in the UK with 524,306 homes in the million-pound bracket, a rise of 8.3 percent from last year.