In Clarendon Road in Notting Hill, which is now the second-most expensive street in Britain, average prices actually rose by £5m, from £15m to £20m, according to Halifax.
Mr Scarisbrick said the area has become popular since Covid because of its access to communal gardens and array of spacious houses.
By contrast, Grosvenor Square tends to be dominated by flats, which have lost some of their allure since the pandemic.
Mr Scarisbrick said buyers in these areas tend to be living in Britain as their primary residence, have children in local schools, and place a greater premium on space.
Grosvenor Square buyers are more likely to be transient international buyers who live in London only partly during the year and want an address on the most globally renowned postcode in the UK.
In recent years, two buildings on the street were completed which sell units worth more than £10m, which have been popular with Middle Eastern buyers and have boosted prices.
The top 20 most expensive streets were all in London, where property values are significantly higher than in their equivalents outside of the capital.
Knightsbridge, in the Belgravia area of London, ranked third in prices, which rose from £14m to £20m – the biggest jump since last year’s report.
The most expensive street outside of the city is East Road in Weybridge, where the average home will set buyers back over £9m.
