What makes prestigious addresses so valuable?

Kensington’s Victoria Road is renowned as the most expensive street in Britain. The average value of a home on the street is £8 million and properties very rarely come onto the market. In fact, only two homes have become available since 2013. The first is said to have sold for £13 million. The latest one only entered the market recently and is valued at £7.95 million, slightly below the average price, even though it sits at the more fashionable and quieter end of the road.

Victoria Road is celebrated because of its fantastic location in the heart of Kensington close to Hyde Park and the Royal Albert Hall. Despite its proximity to major attractions, it has a suburban feel that people appreciate in the midst of bustling Central London. Property owners tend to hold on to their assets for many years, explaining why they become available so rarely. The property currently on the market is expected to receive a great deal of interest.

Kensington and Chelsea remains top of the list of most valuable areas in London. The Borough is home to 12 roads that appear in the list of the top 50 most expensive streets in the UK. The area continues to be a very attractive location even with changes in Stamp Duty in 2015.

It is interesting to consider what it is that actually makes properties in certain areas so valuable. There could be many factors involved including the access to attractions, proximity to well regarded schools or the prestige of the address. If properties are rarely available to buy, this naturally increases the appeal even further. The four bedroom mansion on Victoria Road could indicate how demand for prime properties in London has changed over the last few years.