West London property owners: are you a bricks & mortar millionaire?
New research has revealed that more than half of Britons own a home that is worth more than £1 million, which is an increase of 8.3%. As a west London estate agent, we were not surprised to learn that of the 10,958 streets in Britain with an average property price of more than £1 million, 43% of those are in London. When it came to streets with the highest property values, W8 came out top. Kensington Palace Gardens was deemed the most expensive residential address in the country overall, where homes typically cost over £42 million - 150 times more than the national average. In fact, there were 13 streets in the capital where the average house price was over £10 million. Other west London residential roads to make the list of the top 10 most expensive streets included Ilchester Place in W14 at number five (with an average property value of £13.7 million) and Cottesmore Gardens in W8 at number nine (with an average property value of £11 million). The new analysis also drilled down into figures exclusively centring on the capital to find London's top 10 postcodes by average property price. Once again, houses and flats for sale in west London contributed to the rankings, with W8 (Kensington) topping the table, with an average property value of £2,771,223. In fourth place was W11 (Notting Hill), where the average property price is £1,870, 687 and claiming seventh spot was W1 (West End), with an average property value of £1,541,632. It's clear for many homeowners - especially in west London - that their property is a very valuable asset and it hasn't gone unnoticed that some annual house price increases have been larger than a yearly paid salary. Such values are increasingly spurring people on to realise their asset through a property move - whether it is to free equity or to acquire a bigger property outside of London for the same price. With millions of pounds of bricks and mortar at stake, it pays to use a trusted, credible west London estate agent to handle any valuation and subsequent sale. Winkworth has been operating in the capital for many years and has built up a strong network of offices both in London and across the UK. If you would like a property appraisal, professional advice on home moving and examples of what houses and flats for sale in west London have been selling for, please contact us today.
