Which London street is the most expensive to live on? Belgravia beats Kensington and Chelsea

 
Jessica Morris
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Grosvenor Crescent is near Buckingham Palace (Source: Getty)

Grosvenor Crescent, near Buckingham Palace, has been named London's most expensive street to live on, according to new research by Lloyds Bank.

Home buyers who want to live in one of the prestigious crescent's white Georgian townhouses will, on average, have to shell out a whopping £16.9m.

It's located in high-end Belgravia, one of the wealthiest districts in the UK. Other expensive streets in the upmarket area include Eaton Square (£15.5m) and Chester Square (£8.3m).

Kensington and Chelsea also made it into the ranking, with four multi-million pound streets including Cadogan Square (£8.6m), Elgin Crescent (£7.7m), Egerton Crescent (7.1m) and Hillsleigh Road (£7.1m).

Outside central London, home buyers still have to pay sky-high prices if they want to live in Coombe Park in Kingston (£3.5m) or Lichfield Road in Richmond (£2.8m).

The ranking, which looked at the 50 most expensive streets across the UK, also featured streets just outside London, in locations such as Maidenhead, Epsom and Walton-on-Thames.

Andy Hulme, mortgages director at Lloyds Bank, said:

London has always attracted overseas buyers and in recent years the capital has been a magnet for ultra high net worth individuals.

This has led to soaring demand for homes in the prime residential areas of central London and as a result values have grown significantly.

For the first time since this survey began, there are three streets with an average property price of over £10m.

Rich investors have piled their money into the most expensive sectors of London's property market this year. However, the practice has attracted controversy, with many homes being brought but not lived in falling into disrepair.

Last week, Islington Council announced proposals to deter so-called "buy-to-leave" investors, preventing owners of new builds from leaving their homes empty for longer than three months. The practice could ultimately result in jail sentences and repossession.

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