Report reveals the UK's most expensive places to purchase property

Report reveals the UK's most expensive places to purchase property
Dec 31, 2009 - PropertyGuru.com.sg

Chelsea and Kensington in London are the most expensive places in the UK to purchase real estate, with half of the most expensive residential area in the borough.

The average price for a real estate property in the Wycombe Square is about £5.4 million.

Overall, five out of the nine regions of Wales and England have an average home cost of over £1 million, according to the new report by Halifax.

Moles Hill in Leatherhead is the most expensive street outside the capital, with an average real estate property costing about £2.6 million. This is followed by Leys Road, also located in Leatherhead, and Woodlands Road West in Virginia Water, both offering £2.5 million for an average property.

Park Lane in Altrincham and Withinlee Road in Macclesfield are the most costly streets outside of southern England, with each property costing around £1.2 million.

Druidstone Road in Cardiff, on the other hand, has the most expensive residential street within Wales, at £621,000 per property.

Halifax’s housing economist, Nitesh Patel, said that it is not a surprise that most of the highly expensive residential streets are located in the Royal Borough of Chelsea and Kensington, with over half of the 30 highly expensive London streets in the borough.

“Kensington and Chelsea has long had a global appeal but the fall in the value of sterling has helped to attract foreign buyers over the past year despite the worldwide economic recession,” Patel said. “Across most regions, the survey shows that the most expensive streets are tightly clustered within the same area.”

In Edinburgh, the most expensive street is the Warriston Crescent, a row of luxury townhouses next to the Water of Leith, with each property costing about £960,671, according to the separate report of the Bank of Scotland.

Edinburg has six of the ten most expensive streets in Scotland.

The Drumsheugh Gardens is the second in the list, with housing prices fetching to £883,254, followed by Merchiston Gardens, where property prices reaching £672,856.

Additionally, the most expensive street outside Edinburgh is the Morningfield Road, which is located in the west end of Aberdeen, with average property reaching £592,297.

Glasgow’s most expensive street is the Royal Gardens, at £571,500 per average property while Victoria Park Gardens South in Broomhill, has an average property price of £523,429.