Highest average home prices across UK revealed

Data has been released by Rightmove

Buckingham Gate in central London has topped a list of the streets with the most expensive property price tags this year so far.

Nestled near Buckingham Palace and the Houses of Parliament, Buckingham Gate in Westminster was found by Rightmove to have the highest average price being asked by home-sellers so far this year, at £9,633,333.

Outside London, Old Avenue in Weybridge, Surrey, had the highest average asking price for properties in 2024 so far, at £2,633,333, the property website found.

After Buckingham Gate, the next highest average asking price was found in Vicarage Gate in Holland Park in west London, at £6,332,000.

Rightmove said sales searches for London boroughs including Mayfair, St John’s Wood and Holland Park have increased this year, compared with a year ago.

Looking at homes to rent, the highest typical asking rents were found in Albion Street in Bayswater, central London, at £20,857 per month. This was followed by Pavilion Road in Knightsbridge, central London, where renters will need an average of £15,251 per month for a new let.

Outside London, Rightmove found the highest average asking rent was in London Road in Ascot, Berkshire, at £6,831 per month. Manor Road in Chigwell, Essex, had average asking rents of £4,311.

Meanwhile, renters looking for properties in Manchester’s vibrant city centre face average monthly rents of £3,766 in Deansgate, the research indicates.

Tim Bannister, a property expert at Rightmove, said: “London’s status as the hub of luxury property in the UK remains unchallenged, with Buckingham Gate in Westminster commanding the highest average asking price.

“Although the possibility of buying one of these homes is limited to a very lucky few, there’s clearly a fascination with these prestigious homes as we find they’re often among our most viewed properties on Rightmove.”

Rightmove’s research was based on streets where there have been at least five properties for sale and rent this year, and so not all streets have been included.

The findings were released as separate research indicated that one in five (20%) aspiring first-time buyers do not think they will be in a position to make a purchase until they are at least in their 40s.

The survey, from Nationwide Building Society, found that nearly half (48%) of people looking to get on the property ladder believe their prospects of owning a home are further away than ever due to the cost-of-living crisis.

When asked about the biggest barriers to getting that first home, nearly a third (31%) highlighted saving for a deposit, while 44% pointed to issues with affordability.

A fifth (20%) said finding somewhere in their price range is an issue, 14% highlighted being able to afford the monthly repayments, and one in 10 (10%) pointed to the ability to borrow enough for the mortgage.

Nationwide’s research was carried out by Censuswide in March among more than 1,000 people looking to get on the property ladder in the next five years.

Published: 16/04/2024 by Radio NewsHub