Do you ever look at an album cover or a programme on TV and wonder how much it would cost to live there? Luckily for you, the mortgage experts at Bankrate UK have investigated how much it costs to live on the likes of Abbey Road, Penny Lane and Electric Avenue, and compared these with the average property price to reveal the UK’s Iconic Street Premium.
The iconic street with the biggest premium is that of the Shambles in York. This street in the centre of the city is one of the best-preserved medieval streets in the world and was even mentioned in the Domesday Book in 1086!
With the average house price at £3,123,711, compared to the York average of £295,339, this is a huge 958% price difference!
Coming in second is the famous Oxford Street in London. This 1.2 metre long street is one of the busiest shopping destinations in Europe.
The average house price for Oxford Street is £6,239,17, the most expensive of all the streets that we looked at, in comparison to the average house price for the area of £1,316,933, making a 374% price difference to live on this iconic street compared to the surrounding area.
The average house price for Bath is £434,665 in comparison to the average house price in Queen Square at £1,817,700, making the houses worth 318% more than the average in Bath.
23 Heddon Street is the famous location of the album cover for The Rise and Fall of Ziggy Stardust and the Spiders From Mars. This location has been dubbed “where Ziggy fell to Earth” as Ziggy Stardust was David Bowie’s alter ego.
Heddon Street is located in the notoriously expensive Mayfair where the average property has a value of £1,285,521. However, properties on Heddon Street on average cost a whopping 44% more at £1,856,358.
The iconic Oasis album cover for (What’s the Story?) Morning Glory was taken on Berwick Street in London.
Back in the 1990s when this iconic photo was taken, Berwick Street was popular for its many record shops and this was why this location was chosen.
Situated in the popular Soho area, where the average property price is £1,308,640, properties on Berwick Street are on average 42% more expensive than the rest of Soho, at £1,856,358.
Abbey Road has become one of the most famous zebra crossings in the world, all thanks to the iconic Beatles album of the same name, where the famous recording studios are located. The 1969 album cover is one of the most recreated in the world even today.
Abbey Road is located in Camden, where properties cost an average of £1,316,933. However, music and Beatles’ fans will be pleased to hear properties on Abbey Road are 33% cheaper with an average price of £877,104.
Penny Lane in Liverpool is also the name of the famous Beatles song, released in 1967 as a tribute to their hometown.
House prices on average in Liverpool stand at £182,534, however, prices on Penny Lane are £569,778, making the memorable Penny Lane a huge 212% more expensive than the rest of Liverpool.
‘Oh no, we're gonna rock down to Electric Avenue’ one of the most iconic songs, is based on the road of the same name in Brixton, which takes its name from the fact that it was the first market street to be lit with electric lights after being built in the 1800s.
With the average house price at £451,831, it is actually 20% cheaper to live on Electric Avenue in comparison to the rest of Brixton - where the average property price is £563,688.
“You ain’t my mother!” and many other iconic lines have been uttered in Eastenders’ Albert Square, which is actually based on the real-life Fassett Square in Hackney, London.
The average property in Hackney is £587,474, in comparison Fassett Square is 53% more expensive at £900,132.
This house may seem very familiar - it is better known as the iconic number 4 Privet Drive - Harry Potter’s aunt and uncle’s home from the world-famous films. In reality, the property is actually located in Martins Heron, Bracknell.
Houses in Bracknell, on average, are £397,395, in comparison to this street, where the average price is £583,398 which is 47% more than the overall average for the area.
Which are the most expensive of the iconic streets that we looked at? The answer, by some distance, was Oxford Street, London, with an average property price of over £6.2 million. In fact, only one of the top ten most expensive streets was located outside of the capital; the Shambles in York, at £3.1 million.
We analysed some of the most iconic locations in the UK to compile a list of iconic streets, before looking at Zoopla average house prices as of 1st March 2021, as well as the average house price for the wider area and calculating the difference in price between the two averages to calculate the iconic street premium.