Chelsea and Kensington 'most expensive roads in UK'

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A new survey has found that the most expensive street in the UK is The Vale in the London borough of Kensington and Chelsea.

Research by Halifax found that 25 of the 50 priciest streets in the UK are in that particular borough, with an average price in The Vale costing £4,677,500.

The most expensive place to find a property outside of the capital was found to be Panorama Road in Poole, with an average price of £4,158,333, which came fifth in the overall price ranking for the UK.

Outside the south of England, Cogleton Road in Alderley Edge in Cheshire was found to be the costliest for people looking to buy a property, with the average house in that street setting a buyer back £1,684,166.

Martin Ellis, chief economist at Halifax, said house prices in prime Central London locations have been driven up by "affluent celebrities and ultra-wealthy foreign businessmen".

"Chelsea and Kensington have some of the most expensive streets in England and Wales. The Royal Borough has been a highly fashionable area to live in since the 'swinging sixties'," he added.

Recent research by the Royal Institute of Chartered Surveyors found that estate agencies in London reported an average of only six sales during October.

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