It now costs an eye-watering £21.4 million to buy a property on the UK’s most expensive street and no surprises for guessing that it’s in London.
New data from Lloyds has revealed that, in 2024, Knightsbridge (SW1X) is the country’s priciest road. The prestigious address is up from third place last year and knocks Grosvenor Square off its perch and into third position behind Ilchester Place in Holland Park which is second.
The research shows that there’s been a slight increase in the sub-prime market – last year’s most expensive street came with an average price tag of £20.35 million, but this was significantly down on 2022’s figure of £23.8 million for Phillimore Gardens in Kensington.
It’s not hard to see why people are happy to pay such a vast amount to have a Knightsbridge address. As well as a host of celebrities and businessmen, the road is also home to luxury hotels The Berkeley and Mandarin Oriental, Harvey Nichols and a host of other luxury boutiques. It’s also within easy reach of Hyde Park, Sloane Square and Belgravia.
With the average UK house price at £356,925, the most expensive properties in the country are almost 60 times more than a typical home. The equivalent figure last year was almost 72, with the average cost of a home in rest of the UK, deemed to be £283,615.
Overall, the 10 most expensive streets in London, which were dominated by postcodes in the west of the capital, had an average price of £16.5 million. Only two streets outside central west London made the top 20. These were Avenue Road in St John’s Wood and Winnington Road in East Finchley.
“London’s dominance in the list of priciest streets underscores the city's continued appeal and the resulting competitiveness at the very top end of the property market. However, at £21.4 million to buy a home, even those with the deepest pockets might baulk at the price,” says Amanda Bryden, Head of Mortgages, Lloyds.
As there are a relatively low number of sales on each of these ultra exclusive streets annually, Lloyds looked at the five-year average to calculate the most expensive. Only streets where there have been at least five transactions have been included.
Knightsbridge, SW1X
Average price: £21,409,000
Knightsbridge has always been a prestigious address, but it’s move from third to first place in the space of a year is partly due to the development of several super prime residential spaces on the road. These include the Candy Brothers’ £1.2 billion One Hyde Park, with 86 properties, where the likes of Kylie Minogue and Nick Candy have homes.
Ilchester Place, W14
Average price: £19,387,000
Super wealthy Londoners craving a quieter life opt for the less hectic environs of Holland Park’s Ilchester Place. Described as ‘Millionaire’s Row’, you’ll get more for your (still significant amount of) money when compared to Knightsbridge. Instead of plush penthouses with views of Hyde Park, Ilchester Place boasts Victorian mega mansions with smart entrances and perfectly coiffed hedges.
Grosvenor Square, W1K
Average price: £19,061,000
Last year’s most expensive street has slipped down the rankings to third place. One of the standout sales in the square this year was that of the former home of Countess Raine Spencer, which was sold to an Indian tycoon for £10million.
The home of Princess Diana’s stepmother was a fifth-floor apartment at 47, Grosvenor Square, and had 2,145 sq ft of living space. According to Wetherell estate agents, the property needed “substantial refurbishment and modernization” which accounts for its lower-than-average price for this street.
Clarendon Road, W11
Average price: £17,030,000
A regular feature of the UK’s most expensive streets list, this Notting Hill road is characterised by colourful town houses, bursting with period features both inside and out. It’s slipped slightly from last year when it was in second place and had an average price of £19,962,500.
Ashburton Place, W1J
Average price: £15,351,000
Ashburton Place is a ‘new’ road behind the Clarges Mayfair development off Piccadilly. It was opened in 2017 by former Westminster deputy council leader Robert Davis and is thought to be the first new street in Mayfair since Curzon Square in 2002. Needless to say, it comes with a hefty price tag and, since its opening, has regularly featured in this list.
Most expensive streets outside London
Outside the capital, the most expensive street was East Road in Weybridge, Surrey, where the average home comes in at just over £8 million. Last year, East Street was also the top non-London street but its price tag has dropped over the last 12 months from just over £9 million. Streets in Virginia Water and Leatherhead also featured in the South East list.
In the South West, five of the region’s 10 most expensive streets were in Poole in Dorset with Brudenell Avenue (£3.06 million) taking the top spot.
Showing the regional differences, Benar Headland in Pwllheli, the most expensive street in Wales, had an average price of £1.345 million.
“The cost of securing a prestigious address does vary across the country. For instance, living on the most expensive street in Wales means paying around £1.3 million, although still a significant amount,” adds Bryden.
