The property prices on Egerton Crescent have grown very rapidly in the last decade to make it one of the most expensive street in Britain. A study conducted by Lloyds TSB found that a typical house on Egerton Crescent today costs as much as £8,136,000. As expected, it is way above the price of an average home in the UK which stands at just £160,879. The street that boasts of elite residents has white stucco-fronted façade and neatly trimmed rows of box trees. A four bedroom family home on the street was purchased recently for a high £12million. It is a quiet street but located centrally and is just a stone’s throw away from the Victoria and Albert Museum and the shops of Knightsbridge.
Egerton Crescent Prime Location & Classical Architecture Attracts Foreigners
The houses have been designed in such a way that they have tiny front gardens only but a community garden and the Hyde Park are not far away. The Lloyds TSB highlights the immense wealth gap that has emerged in the last decade. A five bedroom house on the street had been sold for only £430,000 in 1998. It was resold for £5,130,000 in 2006 and £10,500,000 in 2011 despite the overall real estate market being dull and struggling to come out of the impact of the economic downturn. The super rich foreign businessmen and bankers have been attracted to the street because of its prime location and classical architecture and helped boost the property prices here.
Parkside in Merton Comes Second in Terms of Property Prices
The report has brought out many other facts regarding the real estate pricing holding sway in the UK currently. Parkside in Merton is the second most expensive address in the country with average home prices ruling at over 5 million Pounds. Woodlands Road West in Virginia Water, Surrey is the most expensive address outside London with average home price of £3,201,000. The prime locations have been more or less unaffected by the depressed prices in the property market. The prime property prices in Central London have risen over 50% since the lowest point of recession in 2009. The price of an average home in the UK had peaked at about £200,000 in August 2007 which collapsed during the recession and hasn’t recovered from its impact as yet.