Number of UK property millionaires passes 500,000

There are 10,958 streets in Britain where average property prices are over £1 million

Updated: 

House prices up

The number of UK homeowners with property worth £1 million or more has topped the 500,000 mark for the first time.

That's according to the latest Zoopla Property Rich List, which reveals the amount of property millionaires now stands at 524,306 – an increase of 8.3% compared to last year.

House price growth at the top end of the market has helped boost the numbers that can now claim property millionaire status.

Streets paved in property millionaires

Zoopla says there are now 10,958 streets in Britain where average property prices are over £1 million and 4,735 or 43% are located in London.

The south east of England has the second highest density with 3,697 streets (33%) followed by the east of England with 1,350 (12%).

After these top three areas the numbers take a sharp decline.

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The south west has the fourth highest proportion of properties worth a million or more at 398 streets (4%), followed by the north west with 234 (2%), West Midlands with 146 (1%), Scotland with 121 (1%) , East Midlands with 104 (0.9%) and Yorkshire and the Humber with 99 (0.9%)

In contrast the north east has just 53 (0.5%), Wales 17 (0.2%) and Northern Ireland only four (0.04%) streets with properties worth a million or more.

The most expensive streets in the UK

A snapshot at the top end of the market in the table below shows the most expensive streets in the UK.

Rank

Street

Average property value (£)

Annual change (%)

1

Kensington Palace Gardens, London W8

£42,591,972

-0.45%

2

The Boltons, London SW10

£30,288,586

-4.46%

3

Grosvenor Crescent, London SW1X

£22,752,425

-4.12%

4

Courtenay Avenue, London N6

£19,609,231

3.74%

5

Ilchester Place, London W14

£13,718,746

2.53%

6

Compton Avenue, London N6

£12,049,363

4.20%

7

Manresa Road, London SW3

£11,600,920

-5.88%

8

Grosvenor Gardens, London SW1W

£11,321,413

-4.12%

9

Cottesmore Gardens, London W8

£11,037,133

-0.45%

10

Frognal Way, London NW3

£10,702,421

5.42%


Source: Zoopla

According to Zoopla there are now 13 streets in Britain where the average house prices exceed £10 million – all of which are located in London.

Kensington Palace Gardens in W8 is the country's most expensive street overall with the average price of property here over £42 million, which is over 150 times the national average.

The Boltons in SW10, where Zoopla reports a nine-bedroom detached house sold for £51 million in April, has the second most expensive properties with average values standing at £30,288,586.

The most expensive towns in the UK

Now here's a look at the towns with the most expensive average property values.

Rank

Town

Average property value (£)

Annual change (%)

1

Virginia Water, Surrey

£1,208,638

1.88%

2

Cobham, Surrey

£1,037,825

5.94%

3

Beaconsfield, Buckinghamshire

£982,660

7.81%

4

Keston, London

£976,354

3.26%

5

Esher, Surrey

£969,337

4.90%

6

Richmond, Surrey

£939,652

0.98%

7

Chalfont St. Giles, Buckinghamshire

£920,797

7.34%

8

Radlett, Hertfordshire

£843,814

6.18%

9

Gerrards Cross, Buckinghamshire

£828,974

2.97%

10

Weybridge, Surrey

£799,828

4.34%

Source: Zoopla

While exclusive London streets and boroughs have most of Britain's priciest properties, Zoopla's data shows certain areas in Surrey and Buckinghamshire boast very high property values too.

Lawrence Hall from Zoopla said the areas were attractive to professionals seeking to live outside yet within easy reach of the city and are a place where people can enjoy low crime rates and good schools.

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