Grosvenor Square in Mayfair has been named the most expensive street in which to buy a home in the UK, Halifax research shows.
House prices may have declined on average over the last year, but the cost of buying a home has increased for many as a result of the sharp jumps in mortgage rates.
That is only exacerbated if you happen to buy a home in one of the costliest areas of the country. So which are the most expensive streets for homebuyers?
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The Halifax study dug into average house prices for individual streets, using typical prices over the last five years.
Perhaps unsurprisingly, each spot in the top 10 is taken up by streets located in the west or south west of London. Here are the streets which have seen the most consistently high average prices dating back to 2018.
Swipe to scroll horizontally
Street
Location
Postcode
Average house price (2018-2023)
Grosvenor Square
London
W1K
£20,347,000
Clarendon Road
London
W11
£19,963,000
Knightsbridge
London
SW1X
£19,949,000
Phillimore Gardens
London
W8
£19,113,000
Ilchester Place
London
W14
£17,678,000
Grosvenor Crescent
London
SW1X
£16,397,000
Ashburton Place
London
W1J
£15,048,000
The Little Boltons
London
SW10
£14,925,000
Chepstow Villas
London
W11
£14,775,000
Chelsea Square
London
SW3
£14,666,000
Grosvenor Square not only sits in the heart of Mayfair, but also has a rich history dating back to the early 18th century. That combination is clearly in demand among the wealthiest, driving up house prices past the £20 million threshold.
It’s followed by Clarendon Road, in trendy Notting Hill, and Knightsbridge which of course plays home to Harrods.
The most expensive streets outside of London
When you get out of the capital however, you find there are some significant regional variances in terms of the most expensive streets.
The most expensive is found in the South East, where a home on the East Road in Weybridge will set you back a whopping £9,010,000 on average.
In the North West, the most expensive street is Old Hall Road in Windermere. A home on this road will cost a typical £4,015,000. That’s £500,000 more than the road in second place, Withinlee Road in Macclesfield.
The South West is the next most expensive destination, with Poole in Dorset dominating ‒ five of the 10 most expensive streets in the region are found within the town. The most costly of all is Lawrence Drive, where homes cost an average of £3,991,000.
In the East of England, the top seven streets will all mean spending an average of above £3 million. Top of the list is Woodlands Road in Cambridge, with an average house price of £3,832,000.
If you fancy living in the most expensive street in Yorkshire and the Humber, then you will need to pay £2,320,000 on average for a home on Manor House Lane in Leeds, while in the West Midlands you’ll need to pay a little over £2 million for a property on Wellesbourne Road in Stratford upon Avon.
According to Halifax, Croft Road in Nottingham is the costliest street in the East Midlands, and will set you back £1,694,000, while Ramdales Park in Durham is the most expensive street in the North East for the second year in a row, with average prices of £1,536,000.
Finally in Wales, you will need to pay £1,345,000 on average for a home on Benar Headland in Pwllheli.
What next for house prices?
It has been a difficult 12 months for house prices generally, with most house price indices reporting drops in average values on an annual basis.
Rising mortgage costs, coupled with the persistently high rate of inflation, have dented demand levels from potential buyers and that has led to house price falls.
Zoopla found that vendors are currently having to accept an average of £18,000 of the asking price in order to secure a sale.
However, recent indices from Halifax and Nationwide have reported month-on-month increases in average house prices, suggesting that the market may have turned a corner. With mortgage rates already falling from their peak earlier this year, there is speculation that house prices will once again start rising next year.
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John Fitzsimons has been writing about finance since 2007, and is a former editor of Mortgage Solutions and loveMONEY. Since going freelance in 2016 he has written for publications including The Sunday Times, The Mirror, The Sun, The Daily Mail and Forbes, and is committed to helping readers make more informed decisions about their money.
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