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Where are the most expensive streets in England and Wales?

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The most expensive street in the country has been revealed as Avenue Road in London, where the average house price is £30.5million.

Avenue Road is in the affluent area of St John’s Wood in north west London, and it is lined with multi-million pound mansions.

The road is a main corridor into central London, leading into Regent’s Park. It has caught the eyes of wealthy buyers in recent years and is dubbed one of the city’s ‘most desirable destinations’.

This six-bed detached house is in the most expensive street in England and Wales - Avenue Road in St John's Wood, London - and is for sale for £27.5m

This six-bed detached house is in the most expensive street in England and Wales – Avenue Road in St John’s Wood, London – and is for sale for £27.5m

The most expensive streets in the country have been revealed by Lloyds Bank

The most expensive streets in the country have been revealed by Lloyds Bank

Avenue Road has good access to transport links and local amenities, but it has managed to escape the traffic congestion that makes other expensive roads in the capital less appealing.

But perhaps more importantly is that Avenue Road has been one of the few thoroughfare’s in the area where wealthy buyers can still snap up substantial plots of land in recent years – up to an acre – that are big enough to accommodate the ‘trophy homes’ they desire.

It means that even relatively ‘small’ and outdated properties on Avenue Road are seen as premium purchases, as buyers are often able to knock them down to make room for even bigger – and more valuable – homes in their place.

Buying agent Henry Pryor said: ‘Homes on Avenue Road go for mega bucks. Why? Because this is where one-upmanship is practiced at Olympic levels. 

‘The people here never settle for second best so the homes that are currently for sale are more expensive than the ones that have been sold – but they in turn will be eclipsed by the homes that are now being planned.’ 

Avenue Road replaces last year’s top spot, Ilchester Place in London’s Holland Park, where homebuyers last year could pay around £17million for the luxury address.

This eight-bed detached house in Avenue Road, London, is for sale for £25m via estate agents Glentree

This eight-bed detached house in Avenue Road, London, is for sale for £25m via estate agents Glentree

One of the most expensive streets is Ilchester Place in London's Holland Park (pictured)

One of the most expensive streets is Ilchester Place in London’s Holland Park (pictured)

The second most expensive is Tite Street in Chelsea, with an average house price of £28,902,000

The second most expensive is Tite Street in Chelsea, with an average house price of £28,902,000

Avenue Road’s impressive new entry, along with others in this year’s list by Lloyds Bank have reached the top following only a few lucrative transactions on these sought-after streets.

The second most expensive is Tite Street in Chelsea, and has an average house price of £28,902,000.

It is followed by South Audley Street where a home among the Mayfair Christmas lights will set you back £22.85million on average.

Holland Park’s Ilchester Place at £16,583,000 and Holland Villas Road at £15,815,000, are in fourth and fifth place respectively.

Pictured: Grosvenor Crescent in London's Belgravia is one of the most expensive streets

Pictured: Grosvenor Crescent in London’s Belgravia is one of the most expensive streets

All of the top 10 most expensive places to live are in London, with the prestigious areas of Kensington and Chelsea and the City of Westminster dominating the list.

However, the capital is being challenged by the South East in the rest of the top 20 most expensive streets in England and Wales.

The priciest properties in the South East are now an average of £5.6million, up from £4.4million in 2019, according to Lloyds Bank.

Seaside location Christchurch Road in Bournemouth has entered at number 16 this year, with properties in the area costing £6,264,000 on average.

Andrew Mason, of Lloyds Bank, said: ‘It comes as no surprise that London continues to rule the roost of the country’s prime property market, however we are seeing a marked growth in prices in the south east and across other UK regions. 

‘The average house price, in the most expensive streets in the South East has risen by over a staggering £1million in the past year.

‘Elsewhere your typical home on Wales’s most expensive street this year is just shy of £2million, compared to last year’s top average of £900,000. 

‘Meanwhile the new priciest street in the North is located in Windermere, where your average home will also cost you north of £2million, up from last year’s mean price of just over £1.5million.’

This six-bed detached house on St George's Hill, Weybridge, Surrey is for sale with a guide price of £14.5m

This six-bed detached house on St George’s Hill, Weybridge, Surrey is for sale with a guide price of £14.5m

The most expensive streets in each region…

North 

The top two most expensive streets in the North are in Windermere – Old Hall Road, which has an average house price of £2,508,000, followed by Newby Bridge Road at £1,533,000.

Five of the top 10 most expensive streets are based in Newcastle Upon Tyne – with Montagu Avenue being the most expensive at £1,225,000, four in Windermere and one in Durham.

North West

In the North West, all the expensive streets are in Altrincham, Macclesfield, Knutsford and Alderley Edge.

Barrow Lane in Altrincham is the most expensive street with homes selling, on average, for £3,706,000 followed by Green Walk at £2,763,000 and East Downs Road at £2,475,000 – all in Altrincham.

Bradford Lane at £2,375,000 and Withinlee Road at £2,336,000 are both in Macclesfield, and complete the top five.

Yorkshire and the Humber

The most expensive street in Yorkshire and the Humber is Linton Lane in Whetherby at £1,906,000, followed by St. Georges Place in York at £1,645,000, and Fulwith Mill Lane in Harrogate at £1,644,000.

Ling Lane in Leeds at £1,425,000 and Driffield Terrace in York at £1,375,000 make up the top five most expensive streets in the region.

West Midlands

In the West Midlands, Old Warwick Road with an average house price of £2,278,000 and Rising Lane at £1,868,000 – which are both in Solihull – and Cherry Hill Road at £1,850,000 in Birmingham, are the three priciest addresses.

These are followed by Temple Road in Solihull at £1,817,000, Ladywood Road in Sutton Coldfield at £1,694,000 and Liveridge Hill in Henley-In-Arden at £1,629,000.

East Midlands

Benscliffe Road in Leicester is the most expensive street in the East Midlands with an average price of £3,288,000, followed by Ulverscroft Land, also in Leicester but at half the price, with typical values at £1,644,000.

Cour D’Honneur in Oakham at £1,588,000, Wollaton Road in Nottingham at £1.57million and Warren Hill in Leicester at £1,547,000 complete the top five.

East Anglia

Streets of Cambridge dominate the 10 most expensive in East Anglia. Most of these streets are close to the main university area in the CB2 and CB3 postal districts.

Chaucer Road is the most expensive street at £3,610,000 followed by Clarkson Road at £2.93million, Storeys Way at £2,585,000, Millington Rad at £2,351,000 and then Cranmer Road at £2,233,000.

South East

The region’s most desirable addresses are in the towns of Weybridge and Leatherhead. South Ridge in Weybridge is the most expensive with an average price of £7,125,000, followed by East Road, also in Weybridge at £6,643,000.

In third place is Montrose Gardens in Leatherhead at an average price of £6,272,000 and completing the south east top five are Birds Hill Drive in Leatherhead at £5,313,000 and Camp End Road in, Weybridge at £5,237,000.

South West

The most expensive streets in the south west are found in Bath, Bournemouth, and Poole. Christchurch Road in Bournemouth is the most expensive with an average house price of £6,264,000, followed by Bath’s The Circus at £3,117,000 and Kelston Road at £3,079,000.

Streets in Poole make up six out of the 10 most expensive streets, with Panaorama Road at £2,982,000 and Pearce Avenue at £28million completing the top five.

Wales

Benar Headland in Pwllheli is Wales’s most expensive street with an average price of £1,928,000. The most expensive street in the Welsh capital of Cardiff is Llandennis Avenue, where the average house price will set buyers back £1,803,000.

Most expensive streets in England and Wales 2020 
Street Name Posttown Region Postcode Average House Price £
2015-2020*
Avenue Road London Greater London NW8 30,500,000
Tite Street London Greater London SW3 28,902,000
South Audley Street London Greater London W1K 22,850,000
Ilchester Place London Greater London W14 16,583,000
Holland Villas Road London Greater London W14 15,815,000
Manresa Road London Greater London SW3 15,518,000
Tregunter Road London Greater London SW10 15,510,000
Grosvenor Crescent London Greater London SW1X 15,440,000
Chester Square London Greater London SW1W 15,400,000
Knightsbridge London Greater London SW1X 14,954,000
South Ridge Weybridge South East KT13 7,125,000
East Road Weybridge South East KT13 6,643,000
Montrose Gardens Leatherhead South East KT22 6,272,000
Christchurch Road Bournemouth South West BH1 6,264,000
Birds Hill Drive Leatherhead South East KT22 5,313,000
Camp End Road Weybridge South East KT13 5,237,000
Brooks Close Weybridge South East KT13 5,100,000
Virginia Avenue Virginia Water South East GU25 5,083,000
Hatton Hill Windlesham South East GU20 5,009,000
Fishers Wood Ascot South East Sl5 4,996,000
Source: Lloyds Bank         

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Bloom secures planning for London ultra-urban warehouse developments (GB)

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Bloom has secured planning consent for two developments in central London. The developments are located in Hackney and Brixton and are the first to be carried out by Bloom for its €290.4m (£250m) ultra-urban warehouse joint venture with Angelo Gordon to acquire and develop sites in central London. In Hackney, on a site by the A12 next to 331 Wick Road, Bloom will develop two units, totaling 14,045ft², designed by Michael Sparks Associates. Construction will start next month, with completion expected in April 2023. In Brixton, at 146-156 Brixton Hill and Units 5 & 6 Waterworks Road, Bloom will develop five units, totaling 35,360ft², designed by Chetwoods. Construction will start in September, with completion expected in August 2023.

 

Both developments will be targeting a BREEAM sustainability rating of ‘Excellent’ and an EPC rating of ‘A+’ in accord with Bloom’s core sustainability objective to reduce greenhouse gas emissions through construction and operational efficiency. The schemes will include extensive urban greening through the implementation of green walls, green roofs, increased landscaping, bird boxes, and insect hotels to significantly improve the biodiversity; renewable energy in the form of solar photovoltaic panels on the roofs; and lorry, car, and cycle EV charging points to encourage sustainable and active modes of transport as well as enhanced power capacity to accommodate future EV transport technologies.

 

Tom Davies, co-founder of Bloom, said: “Our first two planning consents represent an important milestone for the Bloom team, which is working hard to deliver high-quality and design-led industrial and logistics schemes in supply-constrained inner London sub-markets”.

 

Sam McGirr, co-founder of Bloom, said: “These planning consents for well-located sites give us the opportunity to meet the high demand for convenience and speed from businesses, such as F&B delivery, post and parcel, e-mobility, self-storage and urban logistics and consumers in the local communities”.

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Could equity release be used to help more younger homebuyers?

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Younger first-time buyers could be given more financial help from the Bank of Grandma and Grandad, through the use of improved equity release products, a new report suggests.

The document written by Tom McPhail, of consultancy The Lang Cat, claimed that younger buyers are missing out because older members of their family are unable to satisfactorily tap into their property wealth.

Mr McPhail said: ‘Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations.

‘An equity release by grandparents of say £20,000 now, could be transformational for a 20 something struggling to raise a deposit and get on the housing ladder but would make only a very modest dent to the value of the grandparent’s house.’

Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations, says new report

Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations, says new report

The report acknowledged that equity release has endured a poor reputation in the past after customers suffered ‘severe’ financial knocks.

The sector has been criticised for encouraging people to take on debt, particularly later on in life.

There has also been other concerns about equity release, such as customers falling into negative equity where the value of a property is less than the loan taken out against it when house prices fall.

The report suggested that while the equity release sector has since begun to put ‘its house in order’, it is ‘still not perfect’ and some regulatory safeguards need to be strengthened.

It called for several issues to be looked at, including early redemption charges on equity release products.

It said that most providers apply a simple sliding scale of charges, for example 10 per cent in year on to 1 per cent in year 10.

However, it claimed that some providers apply an early redemption charge based on prevailing gilt rates at that time, putting customers at an ‘unfair disadvantage’.

This is because the fees are not transparent as there is no way a customer can know in advance whether they’d be liable for a charge and if so, how much. 

In the past, customers have also fallen foul of the small print on their equity release loans when it comes to early-redemption penalties – such as couples who must pay an exit fee unless both of them need to go into care.

The report also raised questions about interest rates on equity release products. It said providers should be consistent with their lending criteria and not move the goalposts after customers have taken out a loan, as this can make it harder for them to access a top-up loan in the future, potentially forcing them to remortgage. 

Equity release products could help people access their property wealth to help younger members of their family onto the property ladder

Equity release products could help people access their property wealth to help younger members of their family onto the property ladder

The report argued that equity release products could help people access their property wealth to help younger members of their family onto the property ladder.

Mr McPhail added: ‘Raising a deposit has become an increasingly significant barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations.

‘Releasing some of the equity in a property allows older homeowners to choose when and how they share their wealth with the younger generation.

‘This more targeted approach gives them greater control to use their assets to the maximum benefit at the point of need.’

Raising a deposit is a barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations, says the report's author Tom McPhail

Raising a deposit is a barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations, says the report’s author Tom McPhail

Equity release: How it works and advice

To help readers considering equity release, This is Money has partnered with Age Partnership+, independent advisers who specialise in retirement mortgages and equity release. 

Age Partnership+ compares deals across the whole of the market and their advisers can help you work out whether equity release is right for you – or whether there are better options, such as downsizing. 

Age Partnership+ advisers can also see if those with existing equity release deals can save money by switching. 

You can compare equity release rates and work out how much you could potentially borrow with This is Money’s new calculator powered by broker Age Partnership+.* 

 * Partner link

Jonathan Harris, of mortgage broker Forensic Property Finance, said: ‘Equity release has historically been viewed as a ‘murky’, high-risk sector, fuelled by minimal regulation, poorly-qualified advisers, only a handful of lenders and extortionately high interest rates.

‘Fast forward to today and we see a dramatically transformed sector, benefiting from strict regulation, highly-qualified advisers, multiple lenders and access to very competitive interest rates. 

‘Not surprisingly, equity release is now a viable and growing market for older borrowers looking to utilise the gains seen on property prices to bolster lifestyles, as well as pass on wealth to children when they need it.

‘Those considering equity release should make sure they understand the implications and involve family in any decision-making. It is always important to seek advice from suitably-qualified advisers.’

It comes as a separate report by Legal & General suggested that one in every £90 spent by retired Britons is funded by equity release.

It said that equity release funded an estimated £3billion in retirement spending last year, although it didn’t mentioned the money going to younger generations towards buying a property.

Instead, the report’s survey of 2,000 homeowners found that those with equity release have most frequently used the product to finance home improvements, at 26 per cent.

It said equity release is also being used to support costs such as medical expenses at 17 per cent, maintaining living standards in retirement at 16 per cent, and paying off personal debt at 16 per cent, for example paying off interest-only mortgages. 

It suggested that equity release is likely to play an increasingly important role in financing care-related expenses, with 19 per cent of prospective homeowners citing it as a consideration.

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Allianz Real Estate buys prime office building in Rome (IT)

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Allianz Real Estate, advised by Dils, has acquired an office property in the centre of Rome. The transaction, worth circa €175m, is one of the most important to have been carried out on the real estate market in Rome in recent years.

 

The building, consisting of eleven storeys, comprising nine above-ground and two underground, has a gross lettable area of circa 22,000m² and has undergone a major refurbishment, offering the highest environmental sustainability and energy efficiency standards (LEED Gold Certification). The strategic location, between the CBD and Termini Station, is enjoying great success, especially among corporate occupiers. 

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