Britain now has almost half a million property millionaires

£· 484,081 homeowners in Britain are now ‘property millionaires’, up 49% on last year

£· 10,613 streets in Britain with an average property value of £1m+, up 29% on 2013

£· Value of Britain’s most expensive streets rising at nearly twice the national average 

The number of homeowners in Britain who can claim to be ‘property millionaires’ now stands at 484,081, almost 50% higher than last year, according to leading property website Zoopla.

The latest Property Rich List 2014 from Zoopla (www.zoopla.co.uk/richlist) shows that the ten most expensive streets in Britain have seen property values grow 12.9% over the last year, compared to the rest of the country where average values have risen by 6.6% over the same period.

The growth in property values at the top end of the market has also helped increase the number of streets with an average property value of over one million pounds by almost a third over the last twelve months to 10,613. Just under a third of the streets with average property values over £1 million are located in London (3,744).

There are now 12 streets with average house prices over £10 million, all of which unsurprisingly are in London. The average property on Kensington Palace Gardens, the most expensive street, is now worth £42,730,706 — 162 times the value of the average British home (currently valued at £263,705 according to Zoopla). For this price you will be able to count the Sultan of Brunei as your neighbour on this exclusive ‘Billionaires Row’.

The Boltons in SW10 takes second place on this year’s property rich list with average house prices standing at £26,570,341, and Grosvenor Crescent in SW1 rounds out the top three with average property prices of £22,293,470. Outside of the capital, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is currently worth £5,605,067. The two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water at £1,186,262 and Cobham at £1,003,400.

W8 (Kensington) remains London’s most prestigious postcode, with average property prices in the area of £2.78m. Neighbouring SW7 (Knightsbridge), the next most expensive area in the capital, has average values of £2.48m, while property values in third-placed SW3 (Chelsea) stand at £2.37m. The rest of the top 10 is dominated by areas in South West, West and North West London. 

Lawrence Hall of Zoopla said: London boasts all of Britain’s twenty priciest addresses. Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset. For the lucky few who can afford these stratospheric pricetags, 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 cráme de la cráme 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 £1 million.” 

Britain’s Top 10 Most Expensive Streets

Rank Street Average property value (£) Annual Increase(%)
1 Kensington Palace Gardens, London W8 £42,730,706 12.11%
2 The Boltons, London SW10 £26,570,341 13.64%
3 Grosvenor Crescent, London SW1X £22,293,470 12.43%
4 Courtenay Avenue, London N6 £16,877,746 13.67%
5 Ilchester Place, London W14 £11,853,515 16.02%
6 Frognal Way, London NW3 £10,974,043 8.38%
7 Carlyle Square, London SW3 £10,846,481 14.14%
8 Montrose Place, London SW1X £10,683,611 12.43%
9 Cottesmore Gardens, London W8 £10,631,829 12.11%
10 Manresa Road, London SW3 £10,362,420 14.14%

Britain’s Top 10 Most Expensive Towns 

Rank Town Average property value (£) Annual increase (%)
1 Virginia Water, Surrey £1,186,262 5.91%
2 Cobham, Surrey £1,003,400 6.94%
3 Keston, London £947,955 10.81%
4 Esher, Surrey £931,669 10.08%
5 Richmond, Surrey £906,770 12.47%
6 Beaconsfield, Buckinghamshire £897,872 4.79%
7 Chalfont St. Giles, Buckinghamshire £836,434 0.47%
8 Gerrards Cross, Buckinghamshire £815,222 9.38%
9 Radlett, Hertfordshire £794,569 14.21%
10 Weybridge, Surrey £785,400 6.96%

Highest Number of £1m Streets by Area 

Rank Area Number of Million Pound Streets
1 London 3,744
2 Richmond 226
3 Ascot 160
4 Guildford 151
5 Leatherhead 128
6 Mitcham 123
7 Woking 113
8 Esher 111
9 Sevenoaks 108
10 Farnham 104

London’s Top 10 Postcodes by Average Property Value 

Rank Postcode Average property value Annual increase (%)
1 W8 (Kensington) £2,780,992 9.32%
2 SW7 (Knightsbridge, South Kensington) £2,482,353 9.90%
3 SW3 (Chelsea, Brompton) £2,369,520 11.33%
4 W11 (Notting Hill, Holland Park) £1,898,527 13.66%
5 SW10 (West Brompton, World’s End) £1,712,411 10.87%
6 SW13 (Barnes, Castelnau) £1,436,369 10.82%
7 SW5 (Earl’s Court) £1,371,566 12.78%
8 NW3 (Hampstead, Belsize Park, Swiss Cottage) £1,356,136 7.88%
9 NW8 (St John’s Wood) £1,346,406 11.15%
10 N6 (Highgate) £1,270,784 13.90%

Source: Zoopla (August 2014)

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