Prices surge in 'most expensive street'

The average cost of a home in the most expensive street in England and Wales has soared by £300,000 during the past year, research showed today.

Chester Square in Belgravia, London, held on to its title as the most expensive place to live in 2010, with the average property there costing £6.6 million, according to housing information website Mouseprice.

Despite the housing market downturn, the square, which contains stucco-fronted period properties and whose residents have included former Prime Minister Margaret Thatcher and Chelsea Football Club owner Roman Abramovich, has continued to command high sales prices.

The group said the majority of homes changing hands there sold for around £7 million, while in 2008 there were four "mega-sales" with properties selling for between £12.2 million and £19.7 million.

Ingram Avenue in Hampstead, London, was the street with the second most expensive properties, with the large detached homes there averaging £6.09 million, followed by Courtney Avenue in Highgate at £5.9 million.

Unsurprisingly, all of the top 20 most expensive streets on which to buy a home are in London, 12 of which are in Kensington and Chelsea and five of which are in Barnet.

The only street to make it into the top 20 for the first time this year was Queens Grove in St John's Wood, with is ranked 15th overall, with average house prices of £4.8 million.

Outside of London, the South East has the most expensive streets on which to buy a home, with Portnall Rise in Virginia Water in Surrey, taking the top spot with homes averaging £3.8 million.

The most expensive street in the north is Broadway in Hale, near Altrincham, where the average home costs just over £2 million.

The average cost of a property in the top 10 most expensive streets is more than £1 million in seven of the 10 regions of England and Wales.

In the East Midlands the average property on the most expensive streets costs £856,050, while in the North East it is £820,200 and in Wales it is £6676,320.

The most expensive street in Wales is Llys Helyg Drive in Llandudno, where the average home costs £815,800.

Mouseprice said most regions saw an increase in the average value of a property on their 10 most expensive streets during the past year.

But the South West, West Midlands, Yorkshire & the Humber and Wales all saw slight price falls.

London saw the biggest price rise, with the average cost of home on its 10 most expensive streets jumping from £4.9 million in 2009 to £5.5 million now.