Pretty UK town is only location outside of London to have one of 20 most expensive streets | UK | News

London’s housing market is proving to be increasingly inaccessible for young people, as the average London home now costs 14 times the typical household income. According to ONS, this makes it the most expensive housing market of any region in the UK.

In the last two decades, there has been a significant increase as prices have more than doubled between 2005 and 2023, says the London Assembly. They found that in 1990, 57 per cent of homes in London were owned by someone aged between 25-34, falling to 29 per cent in 2019.

The Standard found that within the top 20 most expensive streets in Britain, only one was not situated in London.

Winnington Road, located in Hampstead Garden Suburb, ranks first as Britain’s most expensive street, averaging at a price of £12,538,095, according to Rightmove, making it one of many expensive streets in London.

Less than a third of Londoners aged between 20-39 own their home, compared to 41% of people the same age across England, says the London Assembly.

Surrey is host to the most expensive street outside of London, with East Road in the KT13 postal area in Elmbridge averaging a price of £8,795,714.

“For buyers looking for prestigious roads outside of the hustle and bustle of London, Elmbridge in Surrey is flying the flag,” said Rightmove expert, Colleen Babcock.

Here is a list of Britain’s top 10 most expensive streets

1. Winnington Road, Barnet (£12.5M)

What are young Londoners doing as a result of these limited housing opportunities?

An investigation by the London Assembly housing committee found that many are leaving the capital, causing direct repercussions to public sector jobs and education, such as the closure of many primary schools.

They have stated that this “may be a catalyst for further social and economic changes in London.”

One respondent in their report, said: “For those who are born, raised, educated and work in London, it feels we cannot live in the city we grew up in and only those that are wealthy can afford to live here.”

“Already it’s so expensive and I can’t imagine being able to afford to start a family in London. The cost of living in London is so high it limits quality of life substantially,” said another respondent.

The Chairman of the Housing Committee, Shaun Bailey AM stated: “It is essential that we provide housing for a variety of people, including young Londoners. Young Londoners face an almost impossible situation of high rents and house prices which are out of kilter with incomes, which make saving for a deposit and getting a mortgage out of reach for many.”

Bailey emphasised the importance of the Mayor in ensuring the construction of homes young people need, whilst also working collaboratively with Government to decrease expenses as much as possible, through schemes such as the lifetime ISA or help to buy schemes.