The number of UK homeowners whose property is worth £1m or more has now surpassed half a million, according to the 2015 Zoopla Property Rich List.
At the upper end of the spectrum, there are now 10 streets, all of them located in London, where the average house is worth over £10 million. The most expensive street in Britain is Kensington Palace Gardens, W8, outside Hyde Park, where the Princess Diana Memorial Playground is situated. Homes in this ritzy locale are valued at an average of over £42.5m, or 150 times the average UK property value.
Next on the luxury scale is the The Boltons in SW10, between Fulham Road and West Brompton Road. Average property values stand at just over £30m. Last April a nine-bedroom detached home was sold for £51m: the stamp duty alone was enough for the Treasury to pay the yearly salary of over 300 nurses, according to the Telegraph.
The UK’s top three most expensive streets is rounded off by Grosvenor Crescent in London’s exclusive SW1 suburb, where the average house price is £22.7m. Located in Westminster and near both the Lanesborough hotel and Hyde Park Corner, its private gardens and unique architecture make it a ‘destination’ address for both resident and overseas homebuyers.
Number four on the list is Courtenay Avenue, a private, gated road in the N6 suburb, near the Hampstead Golf Course. Each house is concealed from the curious by trees, creating an aura of mystery and secrecy. The average property value is nearly £20m, although sales are not widely advertised.
Ilchester Place in W14, on the corner of Holland Park, is the fifth most expensive street in the country. Properties here sell for £13,718,746 on average. Last April a three-storey eight-bedroom house was placed on the market for £13m: it had risen so much in value since it was last sold in 2007 that one article headline read “This London house... earns more than you.”