London’s Buckingham Gate tops highest home sellers’ price tags
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.
In Scotland, the top three streets which have commanded the highest typical property price tags this year so far, with the postal area, according to Rightmove are Simpson Loan, Edinburgh at £534,167, Clarkston Road, Glasgow at £308,125 and Hyndland Road, Glasgow at £287,500.
In England, outside of 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, with a price tag of £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 mostviewed properties on Rightmove.”
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 buy until they are at least in their 40s.
The survey, from Nationwide Building Society, found 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.
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.