It’s no surprise to learn that London boasts the most expensive postcodes in Britain, and now new research from Lloyds Bank has pin-pointed the most expensive road.
Kensington’s Victoria Road has been named the most expensive residential street in Britain, with properties costing on average £8 million between 2010 and 2015.
Yes, it can be argued that the location is superb, with houses slotted in between High Street Kensington and Gloucester Road, and just metres away from Kensington Gardens, but are they really worth this amount of money?
The residents of the Royal Borough of Kensington and Chelsea can be proud that their area is home to 12 of the top 20 most expensive streets in Britain, and all the top 50 are somewhere in the south of England.
Yes, you can take a short stroll to the famous King’s Road and shop to your heart’s content, and yes, you can probably spot a celebrity or two, but the savvy investor will be looking further afield.
Research throughout 2015 has highlighted the new areas which are due to experience huge increases in property prices.
Peckham and Woolwich have featured on this hot-list, but the most talked about hub is Croydon. The borough has experienced huge growth thanks to a series of developments, which has only been heightened thanks to the anticipation of a brand new Westfield shopping centre (due for completion in 2020).
Over the last five years, property prices in Croydon have increased by 31% (Zoopla), and by 45% since 2005. These prices are due to increase even more over the next 20 years, with the area being positioned as the new ‘tech hub’ of London to rival that of Silicon Valley.
In comparison, prices in Chelsea are hugely inflated, with increases of 81% over the last ten years. JLL and Savills predict that the market will remain steady,but growth will be much slower than it will be in Greater London and other regions including Birmingham and Manchester.
Therefore, only you can decide. Will you purchase your next property for it’s postcode or as an outstanding investment project?