Cheap houses "worth millions" after house price glitch

Emma Woollacott

Property website Zoopla has been left with egg on its face after mistakenly valuing homes in an unassuming Midlands street at more than £3.5 million.

Residents of Crawshaws Road in Castle Bromwich were astonished to discover that their homes featured in Zoopla's Property Rich List 2014, apparently making them the most desirable in the West Midlands.

The houses are, in fact, worth an average of £125,000.

"If somebody wants to give me £3.6 million for my house, I'll snap their hand off. But I haven't had anybody on my door offering me money - yet," resident Tracy Hogan told the Evening Telegraph. "We are in the middle of doing the bathroom - that might add a few million on top?"

The mistake was quickly spotted, and Zoopla has now corrected the information online: Crawshaws Road no longer features in the list.

"Zoopla property values are created using multiple data sources. We have a rigorous system and process in place that continuously checks the data for any outliers such as the one identified," a spokesman explained to the Mirror.

"This over-inflated estimate was in a queue to be manually checked. The estimate for the street is actually £125,619 and we have now updated this to reflect a more accurate average property value for that street. Consequently this street has not made it on to our Rich List."

Where the property millionaires really live

According to Zoopla there are, though, more than 10,600 streets across the UK where average property values top £1 million. The most expensive is Kensington Palace Gardens, where homes are now worth £42,730,706 – 162 times the value of the average British home.

"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," says Zoopla's Lawrence Hall.

"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 £1 million." Peanuts, really.

The UK's most expensive streets:

Kensington Palace Gardens, London W8
Average value: £42,730,706

The Boltons, London SW10
Average value: £26,570,341

Grosvenor Crescent, London SW1X
Average value: £22,293,470

Courtenay Avenue, London N6
Average value: £16,877,746

Ilchester Place, London W14
Average value: £11,853,515

The UK's most expensive areas:

Virginia Water
Average value: £1,186,262

Average value: £1,003,400

Average value: £947,955

Average value: £931,669

Average value: £906,770

Read more about house prices on AOL Money:

Property prices jump £26,000 in a year

House prices: a British obsession

UK house prices 'to soar 30% by 2019'

UK House Prices Rise More Than Expected In May: RICS
UK House Prices Rise More Than Expected In May: RICS