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The Royal Borough of Kensington and Chelsea boasts the most expensive property in England and Wales, with the average price in one street topping £7 million.

Egerton Crescent, in South Kensington, near the Victoria and Albert Museum, is the nation's most expensive address for the second year running with an average price of £7,369,0001.

Many of its properties are large grade II listed Georgian homes with four to five bedrooms, according to the research from Lloyds Bank. 

The nation's top 50 most expensive addresses are almost exclusively in southern England, with the exception of desirable Withinlee Road in Macclesfield, where the average property costs £1,871,000.

Six of the 10 most expensive streets are in the Royal Borough, including Cadogan Square with an average property value of £5,746,000, Prince Consort Road (£5,499,000), Drayton Gardens (£5,234,000) and Eaton Square (£5,042,000). 

Outside central London, the capital's costliest address is The Bishops Avenue in Hampstead, which has an average property value of £6,203,000, the second most expensive in this survey.

The most expensive streets away from the capital are mainly in the Home Counties, generally in Surrey.

Properties on Spicers Field in Oxshott, Surrey, have an average price of £3,500,000, the highest outside London. 

Others include Leys Road also in Oxshott (£3,436,000), and two roads in the Surrey village of Cobham, Icklingham Road (£3,264,000) and Harebell Hill (£3,080,000).

The Hertfordshire village of Radlett (£2,586,000), Philippines Shaw in Sevenoaks (£2,499,000), Western Avenue in Poole (£2,427,000) and Nuns Walk in Virginia Waters (£2,345,000) all score highly.

Beyond the South, Withinlee Road in Macclesfield is followed by Ridgeway in Charnwood, Leicestershire, where the average house costs £1,671,000.

Other exclusive addresses include The Thorsway in the Wirral with an average property value of £1,584,000, East Downs Road in Altrincham (£1,361,000), Rutland Drive in Harrogate (£1,152,000), Torkington Road in Wilmslow (£1,143,000) and Graham Park Road in Newcastle (£1,126,000).

Nitesh Patel, economist at Lloyds Bank, 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.

"Across most regions, the most expensive streets are tightly clustered within the same area."

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