It’s no breaking news that London’s property scene keeps getting hotter. And the newest crème de la crème location is now to be found on Egerton Crescent in the Royal Borough of Kensington and Chelsea, which has been named the most expensive street in London by a Lloyds TSB report.
It is so red hot that shelling out £12m on Egerton Crescent would just get you just a four-bed terrace, with a small garden.
Just the average price of a house on the exclusive street is more than £7m – that’s 74 times more than the average home in the UK, valued at £160,879.
The Daily Mail has reported that that the residents of this sought-after street include a Middle East oil trader, the Italian president of the illustrious Valentino fashion house, a former Italian motorbike racer and the general manager of a Syrian bank.
The SW3 property is made up white five-storey houses with a private residents’ garden in the centre.
The street is a stone’s throw away from the Billionaire’s row that houses the rich and famous, including Lakshmi Mittal, Foxtons founder Jonathan Hunt, Russian tycoon Leonard Blavatnik and Hassanal Bolkiah, the Sultan of Brunei, to name a few.
It is so upmarket that the local corner shop for Egerton residents is Harrods.
Speaking about London’s property market, Nitesh Patel, an economist at Lloyds TSB, told the Daily Mail, “Kensington and Chelsea has some of the most expensive streets in England and Wales. The Royal Borough has been a highly fashionable area to live in for many decades.
“In recent years, its prime location in central London and classical architecture has attracted affluent celebrities and ultra-wealthy foreign businessmen, helping to drive up property prices.”
Egerton Crescent is a classic example of how London’s property market keeps soaring – recession or no recession.
In fact, London’s property prices have increased by 50% since March 2009.
That’s why it comes as no surprise that the capital takes all the top 20 spots of the list of UK’s most expensive streets.
Parkside in Wimbledon is the second-most expensive street in London with the average house price at £8.13m followed by Campden Hill Square, Kensington at £4.86m.
So, if you have cash to splash, you know where to go.
UK’s 10 most-expensive addresses
1. Egerton Crescent, Chelsea
Price tag: £8.13m
2. Parkside, Wimbledon
Price tag: £5.16m
3. Campden Hill Square, Kensington
Price tag: £4.86m
4. Blenheim Crescent, Notting Hill
Price tag: £4.72m
5. Landsdowne Road, Kensington
Price tag: £4.69m
6. Home Park Road, Merton
Price tag: £4.68m
7. Drayton Gardens, Kensington
Price tag: £4.43m
8. Eaton Square, Westminster
Price tag: £4.39m
9. Lancaster Gate, Hyde Park
Price tag: £4.37m
10. Duchess of Bedfords Walk
Price tag: £4.22m
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