Oelcome to Phillimore Gardens, the most expensive street in the UK, where an average house will set you back £23.8 million, or 83 times the national average house price. The tree-lined street of grand Victorian houses in the Royal Borough of Kensington and Chelsea, central London, tops the list of the country’s most expensive roads compiled by mortgage lender Halifax.
London, which in recent years has become home to many members of the global super-rich, topped the list, with the capital taking 19 of the top 20 spots.
Phillimore Gardens, which runs along Holland Park from Duchess of Bedford’s Walk in the north to Kensington High Street in the south, won the title after a house in the street sold for more than £37million this year, driving up the average price.
Number 15, on the prime west side of the street with gardens overlooking the park, changed hands for £37.5million in May, according to land registry documents. The property had risen 89% since it was last sold for £19.75m in 2014. Before that, it was sold in 2002 for just £1.7m.
The street is built on land purchased by the Phillimore family in the early 18th century. Many houses are still part of the Phillimore Estate and are owned by direct descendants of William Phillimore who began building Phillimore Gardens and nearby streets in the late 1770s.
The land was previously part of the extensive estate attached to Campden House, a vast Jacobean mansion which was destroyed by fire in 1862.
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 from Mayfair and the former residence of the US Embassy, where the average home is worth £23.5million.
Third place goes to Ilchester Place, a five-minute walk from Holland Park from Phillimore Gardens, where an average home is worth £17.7million.
Kim Kinnaird, Mortgage Manager in Halifax, said: “For almost everyone, these homes and their exorbitant prices are the raw material for fantastic house hunts.
“Unsurprisingly, London roads occupy the top 10 streets in the UK, and buying a house in London’s Phillimore Gardens could cost you an average of £24million.
“That said, the price of a prestigious address can vary hugely across the UK. Living in the most expensive street in the North East or East Midlands will cost something closer to £1.5m.
Only one road outside the capital makes it into the top 20. Titlarks Hill, a private road in Sunningdale, Berkshire, took 12th place with an average price of £12.3million.
The cheapest and most expensive streets are in the northeast. Six of the 10 most expensive streets in the area are in Newcastle, but the title goes to Ramside Park in Durham where homes are worth an average of £1.6million.
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 from a year ago, according to Halifax. However, the lender has warned that rising mortgage costs and the wider cost of living crisis will drive house prices down by around 8% next year.
Most expensive streets by region in England and Wales
London: Phillimore Gardens, Kensington – £23.8m
Northeast: Ramside Park, Durham – £1.6m
North West: Broadway, Altrincham – £3.2m
Yorkshire and the Humber: Manor House Lane, Leeds – £2.4m
West Midlands: Baker’s Lane, Solihull – £2.3m
East Midlands: Warren Hill, Leicester – £1.6m
east of england: Chaucer Road, Cambridge – £4.2m
South East: Hill of Titlarks, Ascot – £12.3m
South West: Lawrence Drive, Poole – £4.1m
Wales: Cap de Benar, Pwllheli – £1.7m