'Most expensive homes' found in Kensington and Chelsea

The most expensive street in England and Wales is Wycombe Square in the Royal Borough of Kensington and Chelsea, which could see an increase in enquiries about flats to rent in the area.

According to Halifax, the average property price on the street is over £5,400,000 and the borough houses half of the 20 most expensive residential streets in London.

With such high property prices which will be unaffordable to many, people who want to live in the area could instead decide to research flats to rent in Kensington and Chelsea if they want to use the borough as their base for work or family.

Ingram Avenue in Hampstead is the second most expensive street, with an average house costing more than £4,800,000.

Commenting on the findings, Nitesh Patel, housing economist at Halifax, said: "Unsurprisingly, many of the most expensive residential streets in England and Wales are in the Royal Borough of Kensington and Chelsea."

He added that "the survey shows that the most expensive streets are tightly clustered within the same area".

The latest house price index from Nationwide revealed that London is the most expensive place to buy a property, which may mean people living in the area increasingly decide to rent rather than buy.

Written by Ben Carter

Published 31st December, 2009

© 2009 Estates IT Limited