While house prices could fall this year, some of the UK's most expensive streets in the UK are unlikely to be affected. Some prestigious addresses sell for an average £10 million, while others rake in rents north of £20,000.
Property listings site Rightmove has revealed where Britain’s most expensive streets are, with London and the South East dominating the rankings. Addresses in the City of Westminster and Royal Borough of Kensington and Chelsea made up the top five priciest streets to buy on in the capital.
Rightmove also found demand for the country’s swankiest streets has grown significantly, with searches for Mayfair (up 35%), St John’s Wood (up 15%), and Holland Park (up 11%) all rising by a double-digit percentage year-on-year. It's a contrast to the wider picture for UK house prices, which are expected to fall in 2024.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Outside of London, the home counties came out on top. The only outlier was Rothley - a village on the outskirts of Leicester, which was found to have the fourth most expensive street away from the capital.
The findings come as the wider housing market remains subdued. Although the latest RICS survey showed demand has been climbing, house prices have either seen slow growth or minor reversals.
Where are the most expensive streets to buy a home?
To determine where the most expensive addresses in Britain can be found, Rightmove looked at streets that have had at least five property sales or homes listed for rent so far in 2024.
It found Buckingham Gate in Westminster was the priciest street across England, Scotland and Wales. Anyone looking to move to the prestigious postcode, which is situated close to Buckingham Palace, would have to fork out an average of £9,633,333. The most expensive home currently listed on the street is a nine-bedroom terraced former ambassador’s residence, which is available for £45m.
The average figure for Buckingham Gate was £3m above the next most expensive street - Vicarage Gate in Holland Park. People hoping to become a near-neighbour of the Duke and Duchess of Wales would face a bill of around £6,332,000.
Here are the top five most expensive streets.
Swipe to scroll horizontally
The most expensive London streets to buy
Street
Town and county
Average rent per month
Buckingham Gate
Westminster
£9,633,333
Vicarage Gate
Holland Park
£6,332,000
Park Road
St John’s Wood
£5,814,285
St John’s Wood Road
Maida Vale
£5,389,444
Cadogan Square
Knightsbridge
£4,834,500
Outside of London, the most expensive street was Old Avenue in Weybridge, Surrey. The average asking price for a house there came in at £2,633,333. Rightmove gave an example of a current pricey listing on the road - a six-bedroom mansion that comes complete with its own tennis court and outdoor swimming pool.
Here are the top five most expensive addresses outside of London.
Swipe to scroll horizontally
The most expensive non-London streets to buy
Street
Town and county
Average rent per month
Old Avenue
Weybridge, Surrey
£2,633,333
The Ridgeway
Cuffley, Potters Bar, Hertfordshire
£2,289,286
Manor Road
Chigwell, Essex
£2,219,444
Swithland Lane
Rothley, Leicester
£2,024,000
Norsey Road
Billericay, Essex
£1,800,000
Where are the most expensive streets with homes to rent?
If you’re a member of the jetset who’s looking for a high-end property to rent, the most expensive places to do so can be found in western central London.
A property in Albion Street, Bayswater - a street on the edge of Hyde Park - would cost a renter almost £21,000 a month on average. A six-bed terraced property there, which boasts three reception rooms, is currently listed on Rightmove at £21,667 per month.
Here are the top five most expensive streets to let out a property, according to Rightmove:
Swipe to scroll horizontally
The most expensive London streets to rent
Street
Town and county
Average rent per month
Albion Street
Bayswater
£20,857
Pavilion Road
Knightsbridge
£15,251
Duke Street
Mayfair
£14,441
Prince of Wales Terrace
Kensington
£13,734
Cheval Place
Knightsbridge
£13,611
Outside of London, Ascot is the most exclusive place to rent, if average prices are anything to go by. London Road in the horse racing hotspot boasts a typical monthly rent of almost £7,000.
A part-furnished, six-bedroom mansion there would set you back £10,950 - so long as you can stump up the required £15k deposit. Rightmove’s research said the following were the top five most expensive lets outside of the capital:
Swipe to scroll horizontally
The most expensive non-London streets to rent
Street
Town and county
Average rent per month
London Road
Ascot, Berkshire
£6,831
Manor Road
Chigwell, Essex
£4,311
Deansgate
Manchester
£3,766
Holloway Drive
Virginia Water, Surrey
£2,986
Ingrave Road
Brentwood, Essex
£2,898
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.
Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.
After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. He also has bylines in MoneyWeek.
High earners underestimate how much they need to retire comfortably
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
