Plane lovely: The most valuable tree is identified in Berkeley Square

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The 6ft wide tree in Berkeley Square, which dates from the Victorian era, emerged as the most valuable in the capital according to a valuing system developed by local authority tree officers.

Their system assesses a tree's worth by its size, health, historical significance and how many people live nearby to enjoy it.

There are dozens more trees worth more than £500,000 in boroughs such as Kensington and Chelsea and Westminster. In less fashionable outer boroughs, a £267,000 oak has been identified in Southgate as well as a £200,000 plane in Epping High Street.

The London Tree Officers Association's Capital Asset Value for Amenity Trees system aims to stop trees blamed for house subsidence being summarily cut down. The higher the value of a tree, the more proof insurers will need that it is responsible for subsidence before it is felled.

Andy Tipping, of the association, a tree officer in Barnet, said healthy trees were often needlessly cut down as a result of insurers' requests. The assessment system will be rolled out across London this year.