Over 2000 Streets with £1m+ price tags

The 2,183 streets with £1m-plus homes

19 February 2008

More than 2,000 streets have homes costing at least £1m on average, according to a new report.

The figures demonstrate the astonishing extent of the property boom over the past decade.

In 2000, just 322 streets boasted houses that would fetch seven-figure sums.

Most expensive streets

England & Wales' most expensive streets

And Mouseprice.net, the property information firm behind the figures, said its latest estimate of 2,183 may be too low because it leaves out streets where very few properties have been sold.

Its research showed that millionaire clusters can be found everywhere from the Cornish coast to Kensington and Chelsea.

In the North West, the average price of the ten most exclusive streets was put at £1.8m. Most of these locations are close to Manchester which has a number of football maires.

The most exclusive address in the North East was Gubeon Wood, a cul-de-sac of nine very large houses in the Northumbrian countryside. The average property there costs £1.4m - a £300,000 rise on last year.

The most expensive street in England and Wales was named in the report as Courtenay Avenue in Highgate, North London.

Residents can enjoy Hampstead Heath at one end of their street and Highgate Golf Course at the other. Such tranquillity comes at a price however, with houses fetching an average of £6.8m. Monthly mortgage repayments on the full sum would reach nearly £50,000 - double the average salary.

Mouseprice.com based its figures on data from the Government's Land Registry. According to the registry, the number of homes in the £1m bracket is rising faster than in any other price band.

In October, 671 homes - 21 a day - were sold for a seven-figure sum, a rise of 31% on October 2006. Property experts said the buyers were less vulnerable to rises in the cost of living such as electricity bills and council tax.

Fears of a property slowdown have done little to slow demand in London. Apartments in an exclusive development in Knightsbridge, a short walk from Harrods, are being snapped up at an average asking price of £20m.

Only one in seven of the buyers is British with Russians taking up 40% of the yet-to-be built properties. The real estate market in the capital is set for a further boost with news that City bonuses are set to reach £7bn this year despite credit problems in the banking sector.

Estate agents estimate that £5bn in bonus money was pumped into London property last year.

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