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WCome to Phillimore Gardens, the UK’s most expensive street, where the average house will set you back £23.8m – or 83 times the national average property price. A tree-lined street of stately Victorian homes in the central London borough of Kensington and Chelsea, mortgage lender Halifax tops a list of the country’s most expensive streets.
London, which has become home to many members of the global super-rich in recent years, the capital dominates the list, taking 19 of the top 20 places.
Phillimore Gardens, which runs along Holland Park from Duchess of Bedford Walk in the north to Kensington High Street in the south, won the title this year after a house on the street sold for more than £37m, beating the average price.
Number 15, a garden with gardens on the favored west side of the street, changed hands for £37.5m in May, according to a Land Registry filing. It has increased in value by 89% since it last sold in 2014 for £19.75m. Before that, it sold for just £1.7m in 2002.
The street is built on land purchased by the Phillimore family in the early 18th century. Many of the houses are still part of the Phillimore estate and are owned by direct descendants of William Phillimore who began building Phillimore Gardens and neighboring streets in the late 1770s.
The land was formerly part of an extensive estate attached to Campden House, a large Jacobean mansion which was destroyed by fire in 1862.
Streets in central or west London dominated the top of the list. Second on the list is Grosvenor Square, less than three miles away in Mayfair and the former home of the US Embassy, where the average house price is said to be £23.5m.
Third place goes to Ilchester Place, five minutes from Phillimore Gardens in Holland Park, where the average house price is £17.7m.
Halifax’s mortgage director, Kim Kinard, said: “For almost all of us, these homes and their eye-watering price tags are the stuff of fantasy house hunts.
“Incredibly, London roads occupy the top 10 streets in the UK, and buying a home on London’s Phillimore Gardens can set you back an average of £24m.
“That said, the cost of a prestigious address can vary greatly across the UK. Living on the most expensive street in the North-East or East Midlands would cost close to £1.5m.”
Only one route 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 £12.3m.
The cheapest most expensive streets are found in the north-east. Six of the region’s top 10 most expensive streets are in Newcastle, but the title goes to Durham’s Ramside Park where houses cost an average of £1.6m.
In Wales, Bennar Headland in Pwllhely is the most expensive street with an average price of £1.7m, followed by Llys Helyg Drive in Llandudno (£1.2m) and Henley Cwrt in Usk (£1.2m).
According to Halifax, the average house price in the UK is currently £285,579, up from £12,000 a year ago. However, the lender warned that rising mortgage costs and a wider cost of living crisis would reduce house prices by around 8% next year.
Most expensive streets by region in England and Wales
London: Phillimore Gardens, Kensington – £23.8m
north-east: Ramside Park, Durham – £1.6m
North West: Broadway, Altrincham – £3.2m
Yorkshire and the Humber: Manor House Lane, Leeds – £2.4m
West Midlands: Bakers Lane, Solihull – £2.3m
East Midlands: Warren Hill, Leicester – £1.6m
East of England: Chaucer Road, Cambridge – £4.2m
south-east: Titlerk Hill, Ascot – £12.3m
south-west: Lawrence Drive, Poole – £4.1m
Wells: Benar Headland, Palheli – £1.7m
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