Victoria Road in Kensington, London W8, is the most expensive residential street in England and Wales, reports Lloyds Bank. The average price here is an eye-watering £8,006,000. The findings are based on transactions between January 2010 and October 2015 recorded on the Land Registry database.
What is so special about Victoria Road? Like a lot of other streets in the Royal Borough, the buildings here are semi-detached 2-or 3-storey stuccoed Victorian villas. There are no purpose built apartment blocks here to push the average price down.
Well, it is Kensington!
One of the main reason for the high property prices on Victoria Road is, of course – the location. The street begins across the road from Kensington Gardens, not far from Kensington Palace. Your neighbour here is Prince William and his family.
Andrew Mason, Mortgages Director at Lloyds Bank, said:
“The largest concentration of England’s most expensive streets is in Kensington and Chelsea. This part of London has always had a glamorous reputation, attracting overseas buyers as well as those from the worlds of business and entertainment. 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.”
“Buyers want to be there from the status point of view, and are hedging their bets in the long term,” said property commentator Henry Pryor to BBC.
New exclusive development
Since only those postcodes/streets were included where there have been at least 7 transactions over the period, Victoria Road had an advantage thanks to One Kensington Gardens (formerly De Vere Gardens) – the new exclusive residential development designed by David Chipperfield Architects and comprising 97 apartments, a health spa, residents gym and concierge.
The most expensive apartment in this building was sold off plan in May 2015 and went for £13,100,000 according to Land Registry. Knight Frank is currently offering a five-bedroom apartment for £30,000,000 (LINK).
One Kensington Gardens has been one of the most popular developments on Buildington ever since it was added to the database in 2011.
If this street could talk…
Victoria Road got its name in 1829 after it became a part of the Vallotton Estate – a freehold land comprising four land plots bought in ‘Kensington New Town’ by Vallotton family between 1794-1831. The first houses on Victoria Road were built in 1836 and the Ordnance Survey map from 1869 shows the street fully lined with buildings.
23 Victoria Road
Two pairs of semi-detached villas at no 23-25 and 29—31 Victoria Road (originally Nos. 1—4) were built first.
25 Victoria Road
29 Victoria Road
33 Victoria Road
35a Victoria Road
8 Victoria Road. Nos. 6—14 Victoria Road, were built by public-works contractor William Hoof in 1841—5.
The street is home to Embassy of Vietnam at 12-14 Victoria Road. Christ Church Kensington on Victoria Road was built in 1850—1.
Notable past residents of Victoria Road include Richard Ansdell (animal painter, at no 39 and 41 Victoria Road), E.W. Cooke (horse and dog painter, at 52 Victoria Road), Herbert Hampton (painter, 25 Victoria Road), Sir Henry Newbolt (poet, 14 Victoria Road).
Top streets of Kensington and Chelsea
Altogether 12 of the 20 most expensive roads are in the Royal Borough of Kensington and Chelsea:
1. Victoria Road with an average price of £8,006,000
2. Egerton Crescent (£7,550,000)
3. Manresa Road (£7,359,000)
4. De Vere Gardens (£6,606,000)
5. Drayton Gardens (£5,954,000)
6. Chelsea Manor Road (£5,523,000)
7. Pembridge Place (5,491,000)
8. Duchess Of Bedfords Walk (5,356,000)
9. Campden Hill Road (5,171,000)
10. Mallord Street (4,878,000)
11. Clabon Mews (4,852,000)
12. Markham Square (4,733,000)
1. Heritage Statement, 12-13 St Alban’s Grove London W8 5PN by Ilia Tchelikidi and Christine Bourron December 2012 www.rbkc.gov.uk
2. ‘Kensington New Town’, in Survey of London: Volume 42, Kensington Square To Earl’s Court, ed. Hermione Hobhouse (London, 1986), pp. 130-150 http://www.british-history.ac.uk/survey-london/vol42/pp130-150 [accessed 7 December 2015].