More than 40,000 new PROPERTY MILLIONAIRES thanks to soaring house prices
SOARING house prices across Britain have created more than 40,000 new property millionaires this year so far, according to new figures.
Some 660,900 homes across the UK are now worth £1million
In total, some 660,900 homes across the country are now estimated to be worth at least £1million - an increase of more than 40,800 since January, property website Zoopla found.
Four out of five of Britain's property millionaires live in London or the South East.
The country’s most expensive street was named as Kensington Palace Gardens in west London close to Hyde Park and Notting Hill.
An average property in the road, which is home to many foreign embassies, will set a buyer back £38.26million.
The Boltons, in nearby Chelsea was found to be the second most expensive street with an average price take of £33.31million.
Across Britain, there are now 12,418 streets where the average property value is more than £1 million, according to Zoopla's calculations.
The average house on Kensington Palace Gardens costs £38.26million
It's interesting to see some property values in the most expensive neighbourhoods decreasing
While 60 per cent of Britain's property millionaires live in London and a further 22 per cent live in the South East, only 1.28 per cent are in Scotland and 0.25 per cent in Wales, reflecting the huge variation in property prices across the country.
All 10 of Britain's most expensive streets are in London.
Despite their expensive price tags, properties in some of the capital’s neighbourhoods have fallen in value over the past year amid economic uncertainty and following recent changes in stamp duty which made top end properties more costly.
All 10 of Britiain's most expensive streets are in London
Zoopla said the W8 postcode covering Kensington, the W11 postcode covering Notting Hill and the W1 postcode covering London's West End have seen property values fall by 4.2 per cent, 5.2 per cent and 3.5 per cent respectively over the past year.
Outside London, the most expensive postcode is in Virginia Water in Surrey where the average home costs more than £1.3 million.
Many of Britain's million-pound properties are clustered around the South East commuter belt.
Some 184 streets in Guildford, Surrey, have average house prices of more than £1 million, and in Reading in Berkshire there are 162 roads where homes have average values above £1 million.
Only 0.25 property millionaires are in Wales
Sevenoaks in Kent has 150 streets where homes are worth an average of more than £1 million.
In Esher in Surrey, 44 per cent of roads have homes typically valued above £1million, and in Beaconsfield in Buckinghamshire 42.6 per cent of streets have properties typically valued at £1 million or more.
Lawrence Hall of Zoopla said: "It's interesting to see some property values in the most expensive neighbourhoods decreasing over the past 12 months.
"Whilst London will always attract buyers for trophy homes from across the globe, those looking for million pound-plus homes should also consider areas outside the capital that make the list such as Guildford, Sevenoaks or Esher, where they will get more bang for their buck."