Welcome To The Priciest Postcode in Britain

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Victoria Road via Alamy

Welcome to Victoria Road in Britain, the most expensive property street in the UK. A report by Lloyds Bank with Land Registry statistics from 2010-2015 provides a peek into the price of living on the poshest street in London.

Located in the borough of Kensington & Chelsea, Victoria Road is in good company amongst 12 of the 20 most expensive streets in the country. A standard property on this exclusive street will run you a staggering £8m.

“Buyers want to be there [Kensington & Chelsea] from the status point of view, and are hedging their bets in the long term,” property commentator Henry Pryor told BBC.

While buyers are still set on purchasing property in these sophisticated postcodes, the hidden costs are significantly rising. Buying an £8m now is not the same as it was just a few years ago. Why you wonder? Stamp duty.

The changes made to stamp duty have seen property tax paid by buyers exponentially increase. A home with a value higher than £1.5m now will cost you a 12% stamp duty. This percentage is expected to steepen in the coming years.

“Someone buying a home for £8m would have paid £560,000 in stamp duty before last year’s changes,” said Henry Pryor told BBC.

“If they buy now they will pay £873,750, and after next year’s stamp duty increase they will pay £1,113,750 if they are buying the property as second home.”

Whether these increased costs will outweigh the benefits of being in London’s most exclusive street will only be told in time. For now the street will remain full of fancy folk who need not concern themselves with spending a little more money.

Here are some examples of haute Victoria Road properties right now!

Victoria Road Property Via Christie's Real Estate
Victoria Road Property Via Christie’s Real Estate
Via Knight Frank
Victoria Road Property Via Knight Frank
 Via property-compare.blogspot.com
Via property-compare.blogspot.com
Victoria Road Property Via Christie's Real Estate
Victoria Road Property Via Christie’s Real Estate

 

Victoria Road Property Via Knight Frank
Victoria Road Property Via Knight Frank
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