Billionaires rows in London have average home value worth £1 million

Recent reports have disclosed the fact that in about 2000 streets in Britain, Europe, the average house value is around £1 million. You will find about 3 quarters of these so-called ‘Golden Streets’ in London. You’ll also find high concentration of such huge mansions in Richmond, Guildford and Leatherhead. As per Zoopala, a property related website, Virginia Water in Surrey is probably the only area outside London where the average value of properties is about 920,000 British pounds.  
Amongst these streets, probably the most expensive one is Kensington Palace Gardens in London, where the average property value is 18 million British pound. This street is situated right at the heart of London and runs in between High Street Kensington and Bayswater. It being one of the notable attractions, people visiting to London never miss out a visit to Kensington Palace Gardens. Apart from multi millionaires, a number of foreign embassies also live in this posh locality.

Another expensive locality in London is Bishops Avenue where you’ll find emptiest, weirdest and expensive properties. Though the average value per square foot is much more in Kensington Palace Gardens and the average price is comparatively much higher in Courtenay Avenue, yet there is no other street in London except Bishops Avenue, where you’ll find the highest concentration of huge and remarkably expensive homes. However, not all of the properties in Bishops Avenue are super mansions.

A large number of UK billionaires are foreigners, who have chosen to live in Britain for tax reasons. Only 3 out of top 10 billionaires are British by birth or descent. Most of these people have become super-rich by investing in properties. There are also some foreign billionaires who’ve made money from businesses. The international buyers (billionaires not British by birth) are actually ultra-high-net-worth people who don’t have to worry about their credit and mortgage.

Researchers have proved that despite the economic downturn and credit crunch, there are always people who’re extremely rich and want to purchase such high value super prime properties and keep them as trophy assets. For the past 2 years, the exchange rate has favored the overseas buyers to purchase super prime properties in London. The scarcity of such properties is one of the primary reasons of their high value.

Contributed by: Samantha Taylor is the Community Mentor of MortgageFit and has been contributing her suggestions to the Community since 2005. Not just that, she has also made notable contributions through the various articles written on different subjects related to the mortgage industry. Few of her popular articles would include names like ‘Mortgage that you can afford’, ‘Mobile Home Loan with Bad Credit’, and ‘How much mortgage can I borrow’?

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