LONDON, August 18, 2014 /PRNewswire/ --
It should come as no surprise that our capital, London, features heavily in Britain's top 20 list of most expensive streets, towns and areas. Streets in Kensington, Chelsea and Highgate appear at the top of the list, with the top 5, being;
- Kensington Palace Gardens, London W8
- The Boltons, London SW10
- Grosvenor Crescent, London SW1X
- Courtenay Avenue, London N6
- Compton Avenue, London N6
Average house prices for these streets reach staggering numbers. The average house price for Kensington Palace Gardens is £36,066,148, which is an astonishing 156 times more than the average UK house price, which currently stands at £172,011. Following next in line is The Boltons, whose average house price is £23,375,758, Grosvenor Crescent £19,768, 963, Courtenay Avenue £10, 750, 336 and Compton Avenue £10,006,014.
What is it like to live along these streets?
Focussing on number one in our ranking, Kensington Palace Gardens, you could be forgiven for thinking that such an affluent street would be laced with flashy cars in each driveway and ostentatious gateways.The reality, however, is quite different. What is so charming and almost endearing about this stunning area is how crisp, bright and well-maintained it is. The houses always look freshly painted, and with the black railings surrounding them, it looks like something out of an oil painting.
What is more, it must be incredibly reassuring to have police officers at both ends of the street, while the entry of vehicles is highly monitored. Control bollards disappear elegantly into the ground and resurface again once the vehicle is safely on the premises. Some people may find the extensive security obnoxious or overbearing, but given the expense of the houses, you would want to feel as safe as possible and have a peaceful street, not full of passers-by attempting to gain a glimpse into the lives of the rich.
It is difficult to get a true insight into the lives of the people who reside along this street, but if you look around the street for little happenings you can soon build up an idea. From deliveries of majestic ice sculptures for what you can only imagine would be for a party with an exclusive guest list, to flower filled gardens it seems like no-one on along this road has a worry in the world.
Reasons and consequences:
The reason for such high prices and tight security, in areas such as Chelsea and Kensington, is due to an influx of foreign buyers, as well as hugely important people including members of the Saudi Arabian royal family and the richest man in Britain, Lakshmi Mittal. As a result, house prices have been pushed through the roof. In the last 5 years alone, house prices have in these areas has risen by more than 80%.
A consequence of the huge rise in house prices around this area is that it has become an unreachable dream for even the most affluent. The foreign buyers who are behind half of all the £2m+ home sales in London, are comprised mainly of Russians, Chinese, Americans, Emiratis and Indians, who are searching for a safe investment, and are prepared to pay unimaginable amounts of money. These investors have made these areas become the most renowned for widening the wealth gap across the country and within London.
Is it really fair?
The argument has now become: Is this fair? Is it really fair that foreign buyers or investors with more money than they know what to do with can buy up so many properties in the capital? Well the local council thinks it isn't and is cracking down on these kinds of constructions to try and hinder, to an extent, the surge of house buying that has been going on in the area. Dig-downs have added value to some of London's smartest addresses, but anyone who has plans of doing this to their home in the future might struggle to get planning permission as rules and regulations for planning permission on such projects are to be tightened.
Matthew Baran, CEO of home removals company, Barans Removals, states that, "the influx of foreign investors means more money is being brought into the UK and demonstrates that the property market is always thought to be a sensible investment."
Barans Removals is a removals company based in Twickenham, England. Barans Removals has helped families to relocate to virtually any part of the UK that you care to imagine, not to mention a great many parts of Europe.
SOURCE Barans Removals