Millionaires & Billionaires

The average house in London’s most expensive street costs almost $21 million

Fewer prospective buyers in prime central London in 2016: LonRes
Fewer prospective buyers in prime central London in 2016: LonRes

Eaton Square in London's Belgravia is the most expensive street in England and Wales with the average house costing a startling £17 million ($20.8 million), according to a report released Friday by Lloyds Bank.

Every one of the nine regions surveyed has at least one street where the average house value tops one million pounds.

Reflecting this dynamic, the research shows Eaton Square costs over three times more than the most expensive street outside of London which has an average price of £5.2 million. This latter street has been identified as Camp End Road in Surrey, a country south west of London.

Luke MacGregor | Bloomberg | Getty Images

The top of the list is once again saturated by locations within the two London boroughs of Westminster and Kensington & Chelsea with the former holding three of the top ten spots and the latter securing four. These seven addresses all have an average house value of at leas £10 million with the top three coming in above £16 million.

Last year's list named Victoria Road in Kensington as the most expensive residential street with an average house price of £8.0 million.

Andrew Mason, mortgage director at Lloyds Bank, said the prime central London locations leading the list have well-established reputations as exclusive addresses.

"Not only do these streets possess a rich historical legacy,but properties located there are some of the most prestigious in the world and are close to superb local amenities in Knightsbridge, Sloane Street and Chelsea, as well as the capital's business and entertainment districts," he added.

Yet house price growth in prime central London has shifted into reverse since peaking in the summer of 2014 amid a series of tax changes, political and consumer uncertainty and economic factors.

Prices in Chelsea and Hyde Park have fallen by 13.5 percent in the year to December, according to research out on Thursday from estate agency Knight Frank. This as Belgravia has witnessed a 5.1 percent pullback and Kensington a hefty 11.3 percent decline.

Property experts are mixed on whether the year ahead portends further falls or a stabilization in the growth rate at around the zero percent mark.

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