Published On: Tue, Apr 16th, 2024

UK’s most expensive streets where home sellers’ price tags are highest this year | Personal Finance | Finance

Cadogan Square in London

Cadogan Square in central London was among Rightmoves top five streets where home-sellers asking prices have typically been highest this year so far (Ian West/PA) (Image: PA Archive/PA Images)

This year, Buckingham Gate in central London has been revealed as the street with the highest average property price tags. According to Rightmove, home-sellers on this street, located near Buckingham Palace and the Houses of Parliament, are asking for an average price of £9,633,333.

Outside of London, Old Avenue in Weybridge, Surrey, holds the record for the highest average asking price for properties in 2024 so far, at £2,633,333, as per the findings of the property website.

Following Buckingham Gate, Vicarage Gate in Holland Park, west London, has the next highest average asking price at £6,332,000.

Rightmove has noted an increase in sales searches for London boroughs such as Mayfair, St John’s Wood and Holland Park this year, compared to last year.

In terms of rental properties, the highest typical asking rents were found in Albion Street in Bayswater, central London, at a staggering £20,857 per month. This was closely followed by Pavilion Road in Knightsbridge, central London, where renters can expect to pay an average of £15,251 per month for a new let.

Outside of London, the highest average asking rent was found on London Road in Ascot, Berkshire, at £6,831 per month. Manor Road in Chigwell, Essex, had average asking rents of £4,311.

Meanwhile, renters seeking properties in Manchester’s bustling city centre can expect to face average monthly rents of £3,766 in Deansgate, according to the research.

Tim Bannister, a property expert at Rightmove, commented: “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.”

“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.”

The research from Rightmove only included streets that had a minimum of five properties listed for sale or rent this year, which means not every street was covered.

In tandem with these insights, new data has emerged suggesting that a significant 20 percent of hopeful first-time buyers are not expecting to be able to afford a home until they reach their 40s at least.

According to a survey by Nationwide Building Society, nearly half (48 percent) of those aiming to climb onto the property ladder feel their chances have been pushed further out of reach by the current cost-of-living crisis.

Deansgate in Manchester

Rightmove found the average monthly asking rent in Deansgate in Manchester this year so far is £3,766 (Danny Lawson/PA) (Image: PA Archive/PA Images)

When quizzed about the main hurdles to securing their first property, saving for a deposit was cited by 31 percent, while 44 percent were concerned about overall affordability.

A notable 20 percent mentioned the difficulty of finding properties within their budget, 14 percent were worried about meeting monthly mortgage payments, and 10 percent felt constrained by how much they could actually borrow.

Nationwide’s research was conducted by Censuswide in March, surveying over 1,000 individuals planning to enter the property market within the next five years.

Here are the streets with the highest average asking prices this year so far, according to Rightmove (all are in London):

1. Buckingham Gate, Westminster, £9,633,333.

2. Vicarage Gate, Holland Park, £6,332,000.

3. Park Road, St John’s Wood, £5,814,285.

4. St John’s Wood Road, Maida Vale, £5,389,444.

5. Cadogan Square, Knightsbridge, £4,834,500.

And here are the streets with the highest property price tags in 2024 so far outside London, according to Rightmove:

1. Old Avenue, Weybridge, Surrey, £2,633,333.

2. The Ridgeway, Cuffley, Potters Bar, Hertfordshire, £2,289,286.

Buckingham Palace gates

Buckingham Gate is close to Buckingham Palace (Dominic Lipinski/PA) (Image: PA Archive/PA Images)

3. Manor Road, Chigwell, Essex, £2,219,444.

4. Swithland Lane, Rothley, Leicester, £2,024,000.

5. Norsey Road, Billericay, Essex, £1,800,000.

Here are the streets with the most expensive monthly rents on average this year so far, according to Rightmove (all are in London):

1. Albion Street, Bayswater, £20,857.

2. Pavilion Road, Knightsbridge, £15,251.

3. Duke Street, Mayfair, £14,441.

4. Prince of Wales Terrace, Kensington, £13,734.

5. Cheval Place, Knightsbridge, £13,611.

And here are the streets with the most expensive monthly rents on average in 2024 so far outside London, according to Rightmove:.

1. London Road, Ascot, Berkshire, £6,831.

2. Manor Road, Chigwell, Essex, £4,311.

3. Deansgate, Manchester, £3,766.

4. Holloway Drive, Virginia Water, Surrey, £2,986.

5. Ingrave Road, Brentwood, Essex, £2,898.

The top three streets in Scotland with the highest average property prices this year, according to Rightmove, are:.

1. Simpson Loan, Edinburgh EH3, £534,167.

2. Clarkston Road, Glasgow G44, £308,125.

3. Hyndland Road, Glasgow G12, £287,500.

The top three streets in Wales with the highest average property prices this year, according to Rightmove, are:.

1. Cathedral Road, Cardiff CF11, £442,500.

2. Christchurch Road, Newport NP19, £346,875.

3. Inverness Place, Cardiff CF24, £328,571.

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