UK Property website Zoopla has published a study today which reveals that the number of homeowners who can refer to themselves as property millionaires has increased by 60% to almost half a million over the last 12 months.
According to the study, properties worth more than £1m have risen by 60% or 160,000 as prices in some regions of the UK boom.
Number of property millionaires doubles in last year
The study also found that around 12 streets in London have an average house price in excess of £10m with Kensington Palace Gardens being named the most expensive street in Britain with average house prices of £42.7m – 162 times the value of the average British home.
Kensington Palace Gardens, Britain's most expensive street
Zoopla reports that the 10 most expensive streets in Britain have seen an increase in property values of 12.9% over the last year, compared with the national average increase of 6.6%.
The rapid growth in prime property market values has pushed the number of streets with an average property value of over £1m up by almost one third over the last year to 10,613. Out of this number, a huge 3,744 of these million-pound streets are in London which continues to attract significant interest from ultra-wealthy overseas investors.
Overseas investment drives prime London markets
Zoopla's Lawrence Hall said: "London boasts all of Britain's 20 priciest addresses. Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset".
The Boltons with an average house price of £26.6m
"For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns."
"However, you don't need to be a billionaire to get a chance to own the crème de la crème of property on offer. In Wales and the north-east you can still snap up a prime property in the region's most desirable streets for little over £1m."
More expensive doesn't necessarily mean more space
The Boltons in Kensington is the second most expensive street in Britain with average prices of £26.6m. One owner on the street recently put his property on the market for £20.5m together with a request that the buyer knocks the building down. Multimillionaire debt collector Paul Burdell, won a lengthy battle against neighbours, including footballer Frank Lampard, for permission to demolish his home and construct in its place a property with three storeys underground. Shortly after his victory, he decided he wanted to sell.
Typical property in most expensive street outside London, Sunninghill Road, Surrey
The next most expensive street is Grosvenor Crescent, a very busy road off Hyde Park Corner where properties have an average price of £22.3m. However, a high price tag does not necessarily get you your own front door or garden. A three-bed flat on the crescent was recently marketed by agents for £18m and a rental of a two-bed was listed at £7,150 a month. At that price, tenants would be getting a lounge-cum-diner and a second bedroom of just 8ft x 11ft.
Outside London, the most expensive street is Sunninghill Road in Surrey with average prices of £5.6m. The two most expensive towns outside London are both in Surrey with average house prices in Virginia Water at £1.2m and in Cobham at just over £1m.
- Friday 29 August 2014