More than 1,800 ‘million pound streets’ disappear amid housing market cooldown

The housing market cooldown means that Britain has lost more than 1,800 “million pound streets” over the past year, analysis has found.

Some 15,484 streets across Britain now have an average property value of £1 million or more.

This is 1,805 fewer million pound streets than the 17,289 recorded in September 2018, according to Zoopla.

The bulk of the losses have been in London and the South East, which are home to the majority of million pound streets – but are also areas where house prices have been generally falling recently.

Office for National Statistics (ONS) and Land Registry figures showed last week that house prices fell annually by 2% in the South East and by 1.4% in London in July.

Zoopla said that Britain’s most expensive street – Kensington Palace Gardens in London – has also seen the average house price dip by nearly £2.8 million over the last year.

The average house price in Kensington Palace Gardens is now £32,870,284.

Million pound streets
A view of the entrance to Kensington Palace Gardens in central London, which has been named as Britain’s most expensive street by the Zoopla (Hannah McKay/PA)

While London dominates Zoopla’s list of the most expensive streets in Britain, outside the capital Montrose Gardens in Leatherhead, Surrey was identified as the priciest road, with an average house price of £6.5 million.

The research also found that, away from London, Britain’s million pound streets are clustered in places including Reading, which has 207, Guildford, which has 200, Sevenoaks with 196 and Leatherhead, boasting 190.

By contrast, there are 31 million pound streets across the whole of Wales.

The only nation or region to increase its number of million pound streets compared with a year ago was Yorkshire and the Humber, which now has an extra four – taking its total to 165.

More information about Zoopla’s property “rich list” in different areas is available at zoopla.co.uk/property/richlist/uk.

Here are the top 10 most expensive streets in Britain, according to Zoopla, with the postcode and the average property value:

1. Kensington Palace Gardens, London, W8, London, £32,870,284
2. Courtenay Avenue, London, N6, London, £19,505,013
3. Grosvenor Crescent, London, SW1X, London, £19,065,523
4. Ilchester Place, London, W14, London, £15,088,090
5. The Boltons, London, SW10, London, £14,334,818
6. Compton Avenue, London, N6, London, £12,617,782
7. Frognal Way, London, NW3, London, £11,295,407
8. Albemarle Street, London, W1S, London, £10,985,823
9. Manresa Road, London SW3, London, £10,779,903
10. Cottesmore Gardens, London W8, London, £10,699,120

And here are the nations and regions across Britain ranked by the number of streets with an average value of £1 million or more, with the number of million pound streets now and the change since September 2018:

1. South East England, 5,671, minus 820
2. London, 5,329, minus 514
3. East of England, 2,406, minus 273
4. South West England, 695, minus 62
5. North West England, 404, minus 55
6. West Midlands, 325, minus 39
7. East Midlands, 214, minus 18
8. Scotland, 171, minus two
9. Yorkshire and the Humber, 165, plus four
10. North East England, 73, minus 24
11. Wales, 31, minus two

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