Grosvenor Crescent in London has been named as the most expensive street in Britain.

The sweeping Regency street tops a list compiled by Lloyds Bank: its Grade II-listed houses change hands for an average of £16.9m. In May 2013, a house there sold for £15.7m, and a three-bedroom flat is on the market for £11.75m.

House prices rose rapidly in the capital at the start of this year, and the cost of homes on the most desirable streets has risen sharply. Land Registry data shows that prices in Westminster, which includes Grosvenor Crescent, are 18% higher than a year ago.

For the first time, according to the Lloyds data, there are three streets where prices average more than £10m.

The second most expensive is nearby Eaton Square, one of Belgravia’s most popular garden squares, where the average property is worth £15.5m, followed by Trevor Street in Knightsbridge, where prices average of £10m. 

The Lloyds research is based on Land Registry data for sales between January 2009 and 2014, and includes only postcodes where there have been at least seven sales over that period.