Do you live on Frazer Close, Parish Lane or Culverley Road? Well chances are you live on one of London’s most affordable streets.
That’s according to the latest research by London lettings and estate agent, Benham and Reeves, who found that the house price difference between London’s most and least affordable street names is a whopping 1,770%.
Benham and Reeves analysed sold price data from the Land Registry looking at the price paid for property across the London market so far this year by street name, before revealing which street names have boasted the most affordable price tag, and which hold the least affordable (Jan to June 2023 – latest available).
With an average house price of £527,979, London remains by far the most expensive region of the UK housing market. However, the research by Benham and Reeves shows that affordability can be found if you look in the right places.
The research shows that Frazer Close is London’s most affordable street name. So far this year, homes sold on streets called Frazer Close have averaged just £115,000.
In second place is Parish Lane with an average sold price of £144,000, followed by Culverley Street at £150,000.
Other street names to make the top 10 of London’s most affordable include Heathdene Drive (£208,000) and St James’s Road (£210,000).
In contrast, Kingston Hill ranks as the capital’s most expensive road name, with homes sold so far this year averaging a huge £2.15m – 1,770% more than London’s most affordable road.
Walton Street (£1.85m), Bolton Gardens (£1.8m), Bouverie Road (£1.7m) and Kensington High Street (£1.7m) also rank as some of the most expensive London road names.
Director of Benham and Reeves, Marc von Grundherr said, “Affordability may not be a term that many associate with the London housing market and in the capital’s most desirable locations, a shoe box sized apartment can end up costing you more than the average UK home.
But that’s not to say there aren’t bargains to be found for those pursuing a London property purchase. As our research shows, the likes of Frazer Close have, so far this year, boasted an average sold price that barely breaks the £100,000 mark.
Of course, the London market is probably the only area of the UK where you will also find such an array of road names boasting an average sold price pushing £2m.”