Britain now home to quarter of a million property millionaires

Kensington also claims Britain’s most expensive street – Kensington Palace Gardens – where the average property is now valued at £22,167,649 and its residents comprise billionaires, royalty and international ambassadors. Knightsbridge (SW7); Chelsea (SW3); Notting Hill (W11) and West Brompton (SW10) join Kensington in the top five most valuable neighbourhoods in Britain with average prices of £1,430,863, £1,425,385, £1,302,763 and £1,140,593 respectively.

Britain is now home to 245,790 property millionaires, up 12% on this time last year. And there are now 6,682 Million Pound Streets in Britain, where the average home is valued at over £1m, up 13% on last year. More than 1 in 3 (35%) of the country’s Million Pound Streets can be found in the capital with 2,326, followed by Guildford (116), Leatherhead (92) and Beaconsfield (88). Footballer’s favourite, Cobham in Surrey, rounds out the top five with 78 Million Pound Streets. 

Property values in the most expensive parts of the London are now almost 10 times higher than in other parts of the country. An iPad sized area of floor space in Kensington now costs over £550 on average whilst the same amount of space in Middlesbrough costs only £60. Virginia Water in Surrey, home of the exclusive Wentworth Golf Club, is the most expensive area outside London. Average prices in the wealthy oasis now stand at £968,009 – down 2.94% on last year.

Nicholas Leeming, Business Development Director at Zoopla.co.uk said, “While the majority of the country’s homeowners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run over the past year. International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots.”

 www.zoopla.co.uk/richlist

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