The Queen's residence at Kensington Palace gave Kensington and Chelsea its name as the Royal Borough.
The borough's royal title seems to have translated to big bucks in the local property market, Research from Lloyds Bank has revealed that Kensington and Chelsea is home to 12 of the 20 most expensive streets in England and Wales.
All of the top 50 most expensive streets are in the South of England, Lloyds said. But Victoria Road, not far from Kensington Palace, was named the most expensive of all, with an average price of just over £8 million.
The data highlights the widening gap between prices in London and the South East versus the rest of the country.
The top 50 most expensive streets are all in the South East and the price differential between those addresses and elsewhere has hit £5.5 million, Lloyds said.
“This part of London has always had a glamorous reputation, attracting overseas buyers as well as those from the worlds of business and entertainment,” said Andrew Mason, Mortgages Director at Lloyds Bank.
“The area clearly has its attractions with excellent schools, designer shops, close proximity to the capital's business district and properties with the highest specifications. Other areas in the capital have similar qualities but property prices in Kensington and Chelsea tend to outperform the rest of London,” he added.
Outside Kensington and Chelsea, Westminster’s Eaton Square, with an average house price of £6.7 million ranks highly.
Away from central London, Merton’s Parkside, where homes cost around £6.3 million features in the top 20, as does West Heath Road in Barnet, with a £5.2 million average.
Beyond the capital Cobham, in Surrey, which is home to Chelsea’s training ground, has one of the most desirable addresses. Homes on Icklingham Road will set a buyer back around £3 million.
Dorset’s Sandbanks Road, near to where Harry Redknapp has a home, is the most expensive outside the South East with an average cost of just under £2.5 million.
The North is catching up, however. A number of areas south of Manchester, popular with footballers from the City’s two Premier league teams, have a string of million pound residences.
Homes on Castle Hill in Macclesfield have an average property value of £1.6 million, while on Macclesfield Road in Alderley Edge it’s just off £1.5 million.
