Made in Chelsea: Egerton Crescent named Britain's most expensive street for second year running

Dick Whittington imagined that the streets of London were paved with gold and they certainly should be given the astronomical prices commanded by properties in some of the capital's swankier postcodes.

Take Egerton Crescent in the exclusive borough of Kensington and Chelsea, for instance; it has just been named the most expensive street in Britain for the second year running.

According to a new survey by Lloyds Bank, a luxury pad in the sought-after street will set you back on average £7,639,000. But while this is like Monopoly money to most of us, it appears that the exclusive enclave isn't immune to the economic squeeze as this is around £767,000 less than the average price of a property there the previous year.

Constructed in the 1840s, it's easy to see why the Crescent retains its curb appeal. With its white-stuccoed frontages overlooking a pretty central residents' garden and easy access to some of London's most exclusive shopping districts, the location continues to be a Mecca for the great and the good - or the just plain filthy rich!

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In fact six of the top 50 most expensive streets are located in Kensington and Chelsea where average property prices remain steady at a healthy £5 million. All of them are in southern England, according to the study.

Outside the capital, average property prices in the desirable home counties nudge around £3 million, while up north the most expensive streets are found south of Manchester in areas favoured by a number of Premiership football teams.

Economist at Lloyds Bank, Nitesh Patel, said: 'Unsurprisingly, many of the most expensive residential streets in England and Wales are in the Royal Borough of Kensington and Chelsea, with more than half of the 20 most expensive London streets in the borough.

'Kensington and Chelsea has long had a global appeal and in more recent years the area has attracted many ultra-wealthy foreign buyers. Low housing supply also helps support high property values in this area.'

A surprising omission from previous rankings went straight in at number two this year. The Bishops Avenue in Hampstead - frequently dubbed 'Billionaire's Row' - failed to make it on to previous lists because of the low number of sales on the street. This year the sale of the Saudi royal family's 10-property portfolio has helped to secure the runner's up spot.

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