Property Rich List 2009
The definitive guide to Britain's most expensive places to live
20th Apr 2009
Britain's Property Rich List 2009 out today has revealed Kensington in West London as the UK's most expensive address, topping both the postcode ranking with average property prices in W8 of over £1.3 million and as home to the country's most expensive street, Kensington Palace Gardens where the average pad will set you back a staggering £22 million.
Compiled by leading house prices website Zoopla.co.uk, which provides free value estimates for every UK home, the comprehensive guide highlights the most exclusive neighbourhoods and addresses across England, Scotland and Wales and is available in full at zoopla.co.uk/richlist.
The three Most Expensive Areas in Britain, each with average homes values of over £1 million despite the market downturn, were named as Kensington W8 (£1,328,022), Chelsea SW3 (£1,089,859) and Knightsbridge SW7 £1,086,962). No other areas of the country managed to achieve average home values over £1m and the values in these three areas are down sharply on last year with average property prices falling almost £250,000 on average in these hotspots.
Unsurprisingly London dominates the list of Britain's most expensive areas, however outside the capital Virginia Water GU25 in Surrey leads the pack with average home values of £797,477, followed by areas including Beaconsfield HP9 (£689,690), Cobham KT11 (£672,403), Esher KT10 (£631,664), Leatherhead KT24 (£618,226) and Chalfont St Giles HP8 (£616,674).
Britain's Most Expensive Street was once again named as Kensington Palace Gardens after the average house price came in at a cool £21,954,210. Known as Billionaire's Row for its list of well-heeled residents including three homes owned by the country's richest family, the Mittals, the residents of this tree-lined avenue may well not be celebrating the fact that each home on this street has lost almost £5m (18.4%) in value over the past 12 months. Only four other streets in Britain achieved average property values over the £5m mark, including white-bricked conservation area The Boltons (£8,600,165), two private roads in Hampstead opposite Kenwood - Compton Avenue (£6,338,869) and Courtenay Avenue (£6,047,407) - and Cottesmore Gardens in Kensington (£5,265,468).
And despite the significant drop in property values over the past year, London is still home to many property millionaires with over one thousand streets in the capital (1,045) where average home values remain over the £1m mark.
Alex Chesterman, CEO of Zoopla.co.uk commented:
"Despite the current economic climate much of the country's wealth remains tied up in the property market and whilst average house prices are down across the board on last year, there still remain some pretty eye-watering numbers in this year's Property Rich List. Zoopla.co.uk provides the most comprehensive guide to property values across Britain and offers free, instant value estimates on every UK home, allowing users to check out the values of their own homes or take a virtual wander down any street in Britain including those in the Rich List."
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Notes to editors
Results at a glance
Britain's Top 20 Most Expensive
Areas (source: Zoopla.co.uk)
|Rank||Area||Average home value||12 month change (£)||12 month change (%)|
|(15 April 2009)|
|4||W11 (Notting Hill)||£933,964||-£181,705||-16.29%|
|5||SW10 (West Brompton)||£863,598||-£182,721||-17.46%|
|6||GU25 (Virginia Water)||£797,477||-£153,465||-16.14%|
|10||NW8 (St John's Wood)||£679,748||-£106,651||-13.56%|
|13||SW5 (Earl's Court)||£654,238||-£120,571||-15.56%|
|16||HP8 (Chalfont St. Giles)||£616,674||-£104,632||-14.51%|
|18||NW11 (Hampstead Garden Suburb)||£586,780||-£96,121||-14.08%|
Britain's Top 20
Most Expensive Streets (source: Zoopla.co.uk)
|Rank||Street name||Average home value||12 month change (£)||12 month change (%)|
|(15 April 2009)|
|1||Kensington Palace Gardens, London W8||£21,954,210||-£4,401,384||-16.70%|
|2||The Boltons, London SW10||£8,600,165||-£1,800,325||-17.31%|
|3||Compton Avenue, London N6||£6,338,869||-£990,151||-13.51%|
|4||Courtenay Avenue, London N6||£6,047,407||-£937,355||-13.42%|
|5||Cottesmore Gardens, London W8||£5,265,468||-£1,068,549||-16.87%|
|6||Park Place Villas, London W2||£4,950,395||-£855,158||-14.73%|
|7||Victoria Road, London W8||£4,747,243||-£984,758||-17.18%|
|8||Ingram Avenue, London NW11||£4,727,620||-£744,796||-13.61%|
|9||Chelsea Square, London SW3||£4,684,175||-£1,141,913||-19.60%|
|10||Carlyle Square, London SW3||£4,592,345||-£885,166||-16.16%|
|11||The Bishops Avenue, London N2||£4,514,426||-£753,282||-14.30%|
|12||Mulberry Walk, London SW3||£4,511,448||-£1,091,443||-19.48%|
|13||Palace Green, London W8||£4,463,760||-£809,436||-15.35%|
|14||Chester Square, London SW1W||£4,447,580||-£1,040,549||-18.96%|
|15||The Vale, London SW3||£4,363,696||-£1,060,413||-19.55%|
|16||Thornwood Gardens, London W8||£4,351,761||-£822,747||-15.90%|
|17||Essex Villas, London W8||£4,349,110||-£882,587||-16.87%|
|18||Spaniards Close, London NW11||£4,271,837||-£674,709||-13.64%|
|19||Earls Terrace, London W8||£4,233,834||-£892,494||-17.41%|
|20||Elm Walk, London NW3||£4,228,629||-£565,735||-11.80%|
Zoopla.co.uk is a unique property website offering users information and tools to help them make better-informed property decisions. Our aim is to provide the most comprehensive source of residential property market information in the UK to help buyers, sellers, owners and estate agents alike and give them an advantage in the property market.
In 2007, following the success of bringing DVD rental to the web with LOVEFiLM.com, Zoopla founders Alex Chesterman and Simon Kain realised that the UK property market had yet to fully enjoy the benefits of the internet in terms of its ability to deliver transparency and efficiency. They set out with the mission to transform the property market for both professionals and consumers by:
- offering users FREE access to instant value estimates, sold house prices and local information and trends
- enhancing estate agents' marketing efficiency by providing exposure/leads on a pay-for-performance basis
- helping users find local agents and other property professionals to assist them in the transaction process
- letting buyers make offers on ANY UK home and owners test interest in their homes before choosing to sell
- creating an environment where anyone can ask/answer questions and share their knowledge about homes
We have started by providing FREE value estimates, sold prices and local information as well as letting users add content by editing information and uploading photos. We are the UK's fastest growing property website and by far the largest and most active property community in the UK, with over a million user contributions to our website in 2008 alone. We have already launched some unique features, like TemptMe™ and AskMe™, which allow consumers to gain an insight into the market and discover information they won't find anywhere else. Our estate agent directory, FindAnAgent and our unique AskAnAgent feature allow users to contact local professionals directly for their expertise. Very soon we will begin accepting estate agent listing feeds and delivering buyer leads to agents on a no-risk, performance-based model, making Zoopla.co.uk the most cost-effective way for agents to gain exposure and develop their inventory pipeline.
Our value estimates are calculated using a proprietary algorithm (a secret formula) that we have developed by analysing millions of data points relating to property sales and home characteristics throughout the UK. The algorithm works by comparing relationships between home prices, economic trends and property characteristics in given geographic areas. Our estimates are constantly refined, using the most recent data available from public sources combined with our proprietary used-generated data and a variety of statistical methodologies, in order to provide the most current information on any home.
Zoopla Limited is a privately held company with a highly experienced and proven management team, backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).
- Winner: 'UK's Most Promising Internet Company 2008' (First Tuesday)
- Winner: 'Best Property Website - Gold Award' (Web User Magazine)
- Winner: 'Best Real Estate website 2008' (Websiteoftheyear.co.uk)