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Campden Hill Square in the heart of London's Holland Park, which was last year's most expensive street, was pushed into third place this year, with an average price of £4.9 million.
Commenting on the dominance of Kensington and Chelsea in the list, Nitesh Patel, Lloyds TSB's economist said:
"In recent years, its prime location in central London and classical architecture has attracted affluent celebrities and ultra wealthy foreign businessmen, helping to drive up property prices.
"Across most regions, the most expensive streets are typically tightly clustered."
The study used Land Registry records of sales which took place between January 2007 and September this year.
Egerton Crescent, the most expensive street in England and Wales, according to the Lloyds TSB list of the top 10 priciest streets, is nestled just a stone's throw away from the Victoria and Albert Museum and Harrods.
House prices in central London have continued to shoot upwards over the past year, amid strong interest from wealthy overseas buyers looking for a safe haven, amid the uncertainty of the Eurozone.
However, some analysts have suggested that a 7% stamp duty rate which was placed on homes worth over £2 million in the Spring could cause the market to cool off slightly next year.
Merton in South West London also claimed two places in the top 10 list - Parkside, skirting Wimbledon Common, came in second place with an average property price of £5.2 million.
Home Park Road in Merton came in sixth place, with average property prices of £4.7 million.
A study has revealed that Egerton Crescent in South West London is the most expensive street in England and Wales.
The street, situated between prime locations such as Victoria and Harrods, has homes typically costing around £8.1m.
The street is one of six located in the London borough of Kensington and Chelsea, which are all in the top 10 list of the priciest places. The list has been compiled by Lloyds TSB.
Here are the 10 most expensive streets, with their postcode and average house price:
- Egerton Crescent, Kensington and Chelsea, London, SW3, £8.1 million
- Parkside, Merton, London, SW19, £5.2 million
- Campden Hill Square, Kensington and Chelsea, London, W8, £4.9 million
- Blenheim Crescent, Kensington and Chelsea, London, W11, £4.7 million
- Lansdowne Road, Kensington and Chelsea, London, W11, £4.7 million
- Home ParkRoad, Merton, London, SW19, £4.7 million
- Drayton Gardens, Kensington and Chelsea, London, SW10, £4.4 million
- Eaton Square, Westminster, London, SW1, £4.4 million
- Lancaster Gate, Westminster, London, W2, £4.4 million
- Duchess of Bedford's Walk, Kensington and Chelsea, London, W8, £4.2 million