A report by Mouseprice Street Rankings based on its survey of real-estate prices in England and Wales states the obvious – London is very expensive to live in. The interesting part of the report is the identification of the priciest address in London. And according to the well researched report Victoria Road, in Kensington, west London, is the most expensive street in England and Wales, with the average property estimated to be worth £6,426,000.
Property prices in eight regions have increased over the last year and London has witnessed the most dramatic rise with the average price of a home in London going up from £5,545,900 to £5,946,580. To put the high prices in perspective you must compare it with the average price of a home for Britain on the whole which is a more reasonable £235,000. Victoria Road has jumped to the top of the ranking after a house on the street sold for £11million
Zipporah Morrison Baker, an executive of Mouseprice explained the skewed pricing by describing London as ‘the place to live in the UK’. London is the financial hub of the country and has the most jobs and opportunities. It has always been difficult to find space in London; hence it has always been expensive. The Olympic Games to be held in the city next year has been another factor that has helped boost the prices.