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One big signal shows why the UK property market is cooling

Lianna Brinded
Head of Yahoo Finance UK
Exterior view of a 17th century country house from a garden with flower beds, shrubs and trees. Photo: Getty

The number of streets across Britain that have an average property price of £1m ($1.2m) is falling, signalling that the UK housing market is cooling off.

According to analysis by property search firm Zoopla for the past year, there are 1,805 fewer “million pound streets” in the UK, falling from 17,289 recorded in September 2018.

A majority of those losses were seen in London and the South East, in which homes go for a premium and have some of the most expensive houses in the UK. Here are the top 10 most expensive streets in Britain, according to Zoopla:

1. Kensington Palace Gardens, London: £32,870,284
2. Courtenay Avenue, London: £19,505,013
3. Grosvenor Crescent, London: £19,065,523
4. Ilchester Place, London: £15,088,090
5. The Boltons, London: £14,334,818
6. Compton Avenue, London: £12,617,782
7. Frognal Way, London: £11,295,407
8. Albemarle Street, London: £10,985,823
9. Manresa Road, London: £10,779,903
10. Cottesmore Gardens: £10,699,120

READ MORE: UK house prices see first September fall in nine years as Brexit bites

Over the last week, data from Office for National Statistics (ONS) and the Land showed that house prices fell annually by 2% in the South East and by 1.4% in London in July.

Earlier this month, Rightmove (RMV.L) said in its latest UK property price index that property prices fell in September for the first time in nine years as the usual “autumn bounce” fails to materialise.

It said this was down to Brexit having a drag on prices as buyers and sellers have been more cautious “as the deadline gets closer and tensions heighten.”