Easy street: these are the most expensive streets in the UK | Real estate

Welcome to Phillimore Gardens, the most expensive street in the UK, where the average house will set you back £23.8m – or 83 times the national average property price. The tree-lined street of grand Victorian houses in the Royal Borough of Kensington and Chelsea, central London, has topped mortgage lender Halifax’s list of the priciest roads in the country.

London, which in recent years has become home to many members of the global super-rich, dominated the list with the capital taking 19 of the top 20 spots.

Phillimore Gardens, which runs alongside Holland Park from Duchess of Bedford’s Walk in the north to Kensington High Street in the south, took the title after a house on the street sold this year for more than £37m, pushing up the average price.

Number 15, on the favoured west side of the street with gardens overlooking the park, changed hands for £37.5m in May, according to Land Registry filings. The property had increased in value by 89% since it was last sold for £19.75m in 2014. Before that, it was sold in 2002 for just £1.7m.

The street is built on land bought by the Phillimore family in the early 18th century. Many of the houses are still part of the Phillimore Estate and owned by direct descendants of William Phillimore who first set about building Phillimore Gardens and the neighbouring streets in the late 1770s.

The land had previously been part of the extensive estate attached to Campden House, a vast Jacobean mansion that was destroyed by fire in 1862.

The top of the list is dominated by streets in central or west London. Second on the list is Grosvenor Square, less than three miles away in Mayfair and the former home of the US embassy, where the average home is said to be worth £23.5m.

Third place goes to Ilchester Place, a five minute walk away across Holland Park from Phillimore Gardens, where average house is worth £17.7m.

Kim Kinnaird, mortgages director at Halifax, said: “For almost all of us, these homes and their eye-watering price tags are the stuff fantasy house hunts are made of.

“Unsurprisingly, London roads occupy the top 10 streets in the UK, and buying a home on London’s Phillimore Gardens could set you back a staggering £24m on average.

“That said, the price of a prestigious address can differ hugely across the UK. Living on the most expensive street in the north-east or east Midlands will cost something closer to £1.5m.”

Just one road outside the capital makes it into the top 20. Titlarks Hill, a private road in Sunningdale, Berkshire, took 12th place with an average price of £12.3m.

The cheapest most expensive streets are found in the north-east. Six of the region’s top 10 priciest streets are in Newcastle, but the title goes to Ramside Park in Durham where the houses are worth an average of £1.6m.

In Wales, Benar Headland in Pwllheli is the most expensive street with an average price of £1.7m, followed by Llys Helyg Drive in Llandudno (£1.2m) and Hanley Cwrt in Usk (£1.2m). In Scotland, Ann Street in Edinburgh is the priciest, at an average of £1.7m.

The average UK house price is currently £285,579, up £12,000 on a year ago, according to Halifax. However, the lender warned that rising mortgage costs and the broader cost of living crisis will push house prices down by about 8% next year.