You can currently purchase a four bedroomed terraced house in Burnley for as little as £50,000. That’s less than twice the current average annual salary in the UK. Good news if you want to live in or invest in Lancashire.
The story is very different in Britain’s most expensive street where buyers can expect to pay a tad over £8 million for a terraced property. That is a whopping 289 times the nation’s average annual salary!
The Royal Borough
It won’t shock you to hear that Britain’s most expensive street is to be found in London. Victoria Road in Kensington is situated between Kensington High Street and the Royal Albert Hall. Quiet, close to Central London and with excellent schools nearby, Victoria Road is now top of the property pops. Its elegant period houses rarely become available because nobody wants to leave. When they do, the houses are hotly pursued and attract the highest prices in the country. Victoria Road is now billionaires’ row and home to several international financiers.
No less than 12 of Britain’s 20 most expensive streets are located in the Royal Borough of Kensington and Chelsea. All 20 are in the Capital and so London’s prime locations are well beyond the budgets of most mere mortals.
The astronomical property prices also mean that that the houses and flats are poor investments if you are looking to generate rental income. Despite the phenomenally high rents in London, rental yields are low. Some as low as 3%. The best places to live are rarely the best places to invest.
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The Best of the Rest
The most expensive place to live outside of London is the Surrey town of Leatherhead where a property in the highly sought after Leys Road costs an average of £3.7 million. An absolute bargain compared to Kensington and just minutes from the picturesque M25! Neighbouring Cobham is almost as expensive and is a firm favourite with Premier League footballers as this is where Chelsea’s training ground is located.
The Exception to the Rule
A quick look at the list of the 50 most expensive streets in Britain reveals that just one of them is outside the South East of England and that is Sandbanks Road in Poole, Dorset. Expect to pay a cool £2.5 million if you want to live there. It’s not exactly San Tropez or the Amalfi Coast but even in England there is a premium on a sea view, not that all the house in Sandbanks Road actually have one of those!
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We all dream of our perfect house and where it would be. Nobody’s property nirvana is likely to be a terraced house in Burnley but then Kensington might not appeal either. Personally, for £8 million, I would want an unobstructed view of the Grand Canyon from my living room window, no traffic within several miles of my front gate and a swimming pool the size of Lake Windermere in my back garden. Each to his own![/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]