A new survey has found that some areas of the UK have been less affected by the credit crunch than others, with one London street averaging £6.2 million per house.
The average value of a property on Chester Square in London's Belgravia stands at £6.2 million, according to new research into house prices in England and Wales.
A study by property researcher Mouseprice revealed that a house on the street recently sold for as much as £20 million. The location has been called home by the likes of billionaire Russian Roman Abramovich, who owns Chelsea Football Club, and former prime minister Margaret Thatcher.
However, the Mouseprice also discovered that Chester Square and other luxury locations have been hit by the credit crunch and the resultant lack of mortgage availability. The top address in 2008 - Courtenay Avenue in north London - was 7.5 percent more expensive than Chester Square is today.
"The most desirable streets are suffering from falls in property values," Mouseprice said in a statement. "However, this year's number one road has experienced some credit crunch-defying sales, making it jump to the top of the rankings."
Greater London was found to be the most affluent area in England and Wales, with the average value of homes on its ten priciest streets standing at £4.9 million. The next highest was the south-east, with £3.3 million, considerably ahead of the east, in third place with £1.7 million.
Wales propped up the list, with an average price of £716,090.
