Britain’s most expensive road in 2019 has been revealed, and for the eleventh year in a row, it’s Kensington Palace Gardens, in southwest London.
The average cost of a house along Kensington Palace Gardens is £32.8 million, a far cry from the UK average of £233,000. Of the ten most expensive streets in the UK, it comes as little surprise that most of the rest are also in London, such as Hampstead’s Courtenay Avenue (average £19.5 million) and Chelsea’s Grosvenor Crescent (average £19.1 million). The road has many royal connections and forms part of the Crown Estate. Located just behind the street is the official residence of Kate and William, Kensington Palace itself.
Short history of Kensington Palace Gardens
The vast, white-stuccoed mansions of the street were built in the mid-19th century and were originally owned by London’s most prosperous landowners and merchants. However, by the 20th century, the houses were too expensive to be kept as family homes, even for the wealthy, and were sold off as ambassador’s residences and embassies. Today, many of the manions along the road are still foreign consulates and embassies, but others have been sold to the super rich, notably oil-rich sultanates and Russian oligarchs, as well as the odd British billionaire, such as Tamara Ecclestone. The short leases on many of these houses remain in the hands of the Crown Estate, making their comparable cost to the other UK houses even greater; some leases are just 100 years. Living here is unlike life on an average UK street, with its private security, discreet neighbours and gated entrances.
Buying in London
Those looking for a bit more of a bargain in the city should head to the outlying areas of Barking, Croydon and Bexley, where affordable houses can still be found with good access to the city centre. The average house price in Barking is still higher than the UK average, at around £300,000. House buyers should always be sure to include all buying costs in their budget, including conveyancing fees (https://www.samconveyancing.co.uk/news/conveyancing/conveyancing-costs-explained-3370), estate agent fees and stamp duty.
With 11 years of sitting comfortably at the top of the list and with such gasp-worthy price tags, Kensington Palace Gardens is not looking like it’s going to lose its top spot any time soon.