London’s Bond Street has become the fifth most expensive shopping street in the world, according to a report.

The upmarket West End shopping street moved up from seventh place in 2009 to fifth last year, as the average rent rose 16.5% from £515 per sq ft to £600.

New York’s Fifth Avenue maintained its position as the world’s most expensive shopping street, according to property consultant Colliers International, which compared average retail rents globally to reveal the world’s priciest shopping roads.

Hong Kong’s Russell Street came second, while the Avenue des Champs-Elysees in Paris took the third spot.