Kensington and Chelsea 'have strongest house prices'

Landlords with houses in the London boroughs of Kensington and Chelsea may need to take out rented property insurance to ensure they protect what could be strong capital gains, as it has been revealed these are the two most expensive areas to buy homes in the UK.

A study by Lloyds TSB showed the most costly street to purchase an abode is Campden Hill Square, where residential real estate sets people back an average of £4,863,000.

The second-most expensive road is Parkside in Merton, which topped the rankings last year, with asking prices typically at £4,826,000.

However, seven of the top-ten streets are in Kensington and Chelsea, including Dawson Place, Cadogan Square, Drayton Gardens and Duchess of Bedfords Walk.

Economist at Lloyds TSB Suren Thiru said: "This part of London has always had a glamorous reputation, attracting buyers from the business and entertainment world and more recently the super-rich from across the world."

Outside of London, the most expensive places to live are mostly in the home counties and the expert noted the highest house prices tend to be for real estate with green areas that are large and located away from the centre of towns.

Those who own prime property in the capital city may be pleased to hear Ed Mean, director at Douglas & Gordon, sees the sector remaining buoyant.

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Posted by Royston Hunter