In a recent survey conducted by real estate website, Zoopla, it was revealed that Kensington Palace Garden is the most expensive street in Britain. The average property price on the street is something around $46.9 million; about 156 times more than the value of an average house in the country.
Also known as Billionaire's Row, the street is home to some affluent people like the Sultan of Brunei, Leonard Blavatnik and Lakshmi Mittal. The street offers exclusive security to the residents. The public is not allowed to drive down the road. The homes on the street are also exquisite and one of a kind.
According to Property Wire, prices of homes in the Kensington neighborhood alone have risen 4.5 percent in the past year. The Bolton Street and the Grosvenor Crescent fared second and third on the list with average property values of $30.4 million and $25.7 million, respectively.
"Even lottery winners can only fantasise about owning a home on streets like Kensington Palace Gardens and The Boltons. Property values in these super prime areas are astronomically high and have risen substantially over the past year," Lawrence Hall of Zoopla.co.uk said in a statement.
"Only the super wealthy can entertain the notion of living on the most expensive streets and they are paying as much for the address and location as they are for the size and quality of the property. You can find magnificent mansions in other parts of the country for a similar price to even just average properties in areas like Kensington," he added.
On the whole, Zoopla found that there were around 8,230 streets where average property values crossed $1.3 million. There are around 323,684 homes in the U.K. that are valued over a million pounds. A 32 percent increase from the number recorded in 2012. According to Hall, value of homes on these streets has always been high because demand has also been high. This trend should not be mistaken for an economic rebound, reports AOL Real Estate.
Check out the complete list of the most expensive streets, here.
Meanwhile, average home prices across the country have been rising slowly. Home prices rose for the consecutive fifth month in June. However, the rise was just a small 0.3 percent since May. Values were up 1.9 percent from a year ago.
We expect prices to continue to increase, though at a slower rate, as we move into the summer months. An expansion in supply to ease the pressure on prices looks unlikely and the short-term direction for the market depends upon demand and expectations over the outlook," Richard Donnell, director of research at Hometrack, said to Bloomberg.
