Hampstead is only area to weather recession as house prices increase

�Hampstead’s homes are immune to the recession, a national house price report reveals.

In the last 12 months, prices in the area have increased by half a per cent, while the other top 10 neighbourhoods across Britain all saw a 12-month drop in prices.

Chelsea’s average prices dropped by almost five and a half per cent, while St John’s Wood also dropped, though only by less than half a per cent. Although Highgate doesn’t quite make it in the top 10 most expensive neighbourhoods, two of the city’s most expensive streets boast N6 postcodes, says the Zoopla.co.uk report.

Compton Avenue is surrounded by the exclusive greenery of Highgate Golf Club and has an average house price of just over �8million. A house on neighbouring Courtenay Avenue, also a cul-de-sac, will cost a much more reasonable �7.2million.

Meanwhile, Ilford in Essex is home to the two lowest value streets in London. Riverdene Road commands an average of �68,855, while properties on the Seven Kings Road are just over �76,000 on average.

By far the most expensive street in Britain – by an impressive �6million – is Kensington Palace Gardens in W8 with average house prices of �19,262,319.

Among the big market drivers in north London are Russian oligarchs looking for a combination of London pad and country retreat.

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Hampstead and Highgate’s houses remind them of their dachas outside Moscow, says Trevor Abrahamson, owner of Glentree Estates.

“If you buy a house in Hampstead or Highgate, it will cost a third of what it would cost in Kensington or Chelsea and you’ll get more land for your money,” he said.

“Here they are within easy reach of a private airport. They have some of the finest schools in the country – Highgate School has facilities that the greatest public schools don’t have – two golf courses and are nestled between two historic villages. It ticks all the boxes.”

Indeed, one house on Glentree’s books, on the market for a cool �100million, could only appeal to those with huge disposable income.

Heath Hall on The Bishops Avenue has indoor and outdoor swimming pools, a wine cellar, cinema, 14 bedrooms and seven receptions rooms.