Number of property millionaires up 12% in a year

Friday 22nd June 2012

There are now nearly one quarter of a million property millionaires in the UK, up 12% from this time a year ago.

Zoopla’s annual property rich list puts the number of £1m-plus homes at 245,790.

Kensington Palace Gardens is the most expensive street with average prices of £22,167,649. Residents include Laksmi Mittal and the Sultan of Brunei.
 
Kensington (W8) is also the most expensive neighbourhood – home to Simon Cowell and Nigella Lawson. Average house prices in Kensington are £1,873,866, up 5% or £90,853 on last year. It means that an area the size of an iPad in Kensington now costs over £550 – in Middlesbrough, the same area would cost £60.

Knightsbridge (SW7), Chelsea (SW3), Notting Hill (W11) and West Brompton (SW10) join Kensington in the top five most valuable neighbourhoods in Britain.
 
Eddie Jordan and Bruce Forsyth live in the most expensive town outside London – Virginia Water in Surrey. Average prices in the wealthy oasis now stand at £968,009 – down 2.94% on last year.

Altogether, Zoopla says there are now 6,682 streets in Britain where the average home is valued at over £1m, up 13% on last year.

More than one in three (35%) of the country’s Million Pound Streets can be found in London with 2,326, followed by Guildford (116), Leatherhead (92) and Beaconsfield (88). The footballers’ favourite, Cobham in Surrey, rounds out the top five with 78 Million Pound Streets. 

Nicholas Leeming, business development director at Zoopla, said: “While the majority of the country’s home owners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run over the past year.

“International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South-East and further widened the gap between the haves and have nots.”

http://www.zoopla.co.uk/richlist