The Most Expensive Streets to Buy a House: Survey

Cadogan Square in central London was among Rightmove’s top five streets where home-sellers’ asking prices have typically been highest this year so far. Undated file photo. (Ian West/PA)

London streets, including one near Buckingham Palace, have topped the list of the most expensive locations in the country.

According to Rightmove, the priciest properties this year are located at Buckingham Gate in central London, with the highest average asking price listed at £9,633,333.

Buckingham Gate is close to Buckingham Palace and St. James’s Park.

Other London areas on the list include Holland Park, St. John’s Wood, Maida Vale, and Knightsbridge, where property prices range from £4,834,500 to £6,332,000.

Outside the capital, the streets with the highest property prices are in Surrey, Hertfordshire, Essex, and Leicester. A home in Old Avenue, Weybridge, in Surrey was listed for £2,633,333.

Rightmove said the most expensive properties were often attracting the most views on its website.

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“London’s status as the hub of luxury property in the UK remains unchallenged, with Buckingham Gate in Westminster commanding the highest average asking price,” said Rightmove property expert Tim Bannister.

“Although the possibility of buying one of these homes is limited to a very lucky few, there’s clearly a fascination with these prestigious homes as we find they’re often among our most viewed properties on Rightmove,” he said.

For tenants prepared to splash on the most expensive rents in London, the portal listed Albion Street in Bayswater, where the cost went up to £20,857 a month. Other London streets with the most expensive rents include Pavilion Road in Knightsbridge and Duke Street in Mayfair, with £15,251 and £14,441 a month rent prices.

In Scotland, the highest typical property price was for a home in Edinburgh, at £534,167, with a corresponding listing in Cardiff, Wales, going for £442,500.

Struggling Buyers

While those scouting property websites may be attracted by the most luxurious options on the market, this doesn’t reflect the purchasing power of average Britons.

A survey by Nationwide Building Society has revealed that 48 percent of first-time buyers said that the ongoing cost-of-living crisis has affected their prospects of owning a home.

One in five respondents said they were unlikely to afford a home until their 40s. This represents a hike on the current average first-time buyer age of 33.

Buyers said they struggled to save for a deposit and find a suitable property in their price range. The survey revealed that 14 percent of respondents found it difficult to afford monthly repayments, while one in ten pointed to the inability to borrow enough for the mortgage.

In March, the Bank of England (BoE) held interest rates at 5.25 percent. BoE Governor Andrew Bailey said more evidence of inflation easing was necessary before interest rates could be lowered further.

Drops in mortgage rates depend on a number of factors including inflation, swap rates, and unexpected shocks to the economy. Owing to uncertainty about the timing and speed of interest rate reductions, the Royal Institution of Chartered Surveyors has reported a “cautious” near outlook for the housing market.

Mortgage providers lowered rates at the beginning of the year, prompted by competition in the sector. However, news of lower mortgage costs came amid relatively high mortgage rates overall, and in the middle of a cost-of-living crisis.

As a result, Britons are more likely to be deterred from getting on the housing ladder.

Analysis by RICS revealed an expectation of long-term growth in residential sales activity. In lettings, tenants are unlikely to benefit from significant financial relief as the demand continues to rise. The survey also said that rents will get more expensive, albeit at a slower rate.

In the 12 months to January, private rental prices paid by tenants in the UK rose by 6.2 percent. The annual increase was the highest in Wales (7 percent), followed by England (6.1 percent), and Scotland (6.8 percent.)

PA Media contributed to this report.