With recent news suggesting a slump in the property market, there are still many streets in London where you’d have to be a multi-millionaire to even consider buying a property. To highlight and compare the range of potential price tags attached to property across the UK, leading price comparison site MoneySuperMarket has created an interactive tool to reveal and virtually explore the cheapest and most expensive locations to buy a property in the capital, and across the UK.
The price of London
The UK’s capital is perhaps unsurprisingly home to the most expensive streets, with prices significantly higher than anywhere else in the country. The most expensive is Grafton Street in Westminster at £69,189,235, which is 30,788 per cent more than the national median of £224,0001.
The Most Expensive Streets in London:
|01||Grafton Street, City Of Westminster||£69,189,235||100%|
|02||The Boltons, Kensington And Chelsea||£37,720,000||99%|
|03||Grosvenor Crescent, City Of Westminster||£28,896,664||99%|
|04||Garden Road, City Of Westminster||£19,000,000||99%|
|05||Cadogan Place, Kensington And Chelsea||£18,250,000||99%|
To see all 20, see here.
Sally Francis-Miles, money spokesperson at MoneySuperMarket, commented: “Getting on the property ladder is an aspiration for many, but can seem like a pipe dream when you factor in how much you need to do it, especially in the UK’s most expensive areas.
“The property market has fluctuated in recent years, with escalating prices in some areas and decreases in others. Research also suggests that fewer people are taking out a mortgage3, possibly driven by the potential impact of Brexit on prices.
“However, whether you’re buying your first property or making an investment, the starting point is always reviewing all the potential costs, in addition to what you have saved, before looking at what you can afford to borrow. Then you can look at areas and types of property you can afford. Choosing a mortgage in itself can be daunting, but there are many tools to help you select the right option for you, whether that’s a fixed deal for two to five years giving you certainty of payments, or a tracker that rises and falls in line with the Bank of England base rate.”
For more information, visit MoneySuperMarket to see the full study and explore the interactive tool around the most and least expensive streets across different regions of the UK.