The average house price may be falling, but for the super-rich house prices keep rising.
Homes in The Vale in Kensington and Chelsea change hands for an average of £4,677,500 each, according to Halifax.
Average property costs £4.6 million
The London borough also accounts for 25 of the 50 most expensive streets in England and Wales, with prices driven up by demand from celebrities and wealthy international investors.
Ingram Avenue in Barnet is the second most expensive street, with homes selling for around £4,465,000, followed by Cottesmore Gardens, also in Kensington and Chelsea, where they change hands for an average of £4.3 million.
Five of the nine streets where the average house price is between £3 million and £4 million are also in Kensington and Chelsea.
Martin Ellis, chief economist at Halifax, said: “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.
House prices outside London
Panorama Road in Poole is the most expensive street outside of London, with the average home there costing £4,158,000, followed by East Road in Weybridge in Surrey at £2.8 million and Kings Warren in Leatherhead at £2.77 million.
Cheshire is home to the most expensive street outside of southern England, with homes in Congleton Road in Alderley Edge selling for an average of £1,684,000.
Kent Road in Harrogate is the second most expensive address in the North, as well as being the most expensive location in Yorkshire and the Humber, with properties costing around £1.17 million.
Average property costs reach seven figures in regions
Six of the 10 regions in England and Wales have at least one street where the average property costs seven figures, with the East Midlands, West Midlands, East Anglia and Wales the only areas that have no streets were the average home breaks through the £1 million barrier.
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