Amount of UK 'property millionaires' doubles in a year
Published by Max Salsbury for 24dash.com in Housing and also in Finance
Amount of UK 'property millionaires' doubles in a yearImage: Mansion via Shutterstock
The number of Britain's homeowners classed as 'property millionaires' has almost doubled in the last year, rising by 49%.
According to property website Zoopla, there are now 484,081 British homes valued at or above £1 million.
And Zoopla's Property Rich List 2014 shows that 10,613 British streets have an average property value of £1m+, up 29% on 2013.
The list reveals that the 10 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%.
Just under a third of the streets with average property values over £1m are located in London (3,744).
There are now 12 streets with average house prices over £10m, all of which are in the capital.
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 (£263,705).
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.
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 price tags, 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 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 £1m.”