Number of property millionaires soars

The number of homeowners in Britain whose property is worth £1 million or more – making them “property millionaires” – has exceeded half a million for the first time, new data shows. 

The number of property millionaires has increased to 524,306, fuelled largely by growth in property prices over the past 12 months, particularly at the high-end of the market, ensuring that there are now more streets with average property values of £1 million-plus than ever before.

There are now 10,958 streets in Britain with average property prices over £1 million located in the capital. Outside of London, the highest proportion of £1 million-plus streets are all situated in Surrey, with Guildford, Leatherhead and Richmond housing 158, 154 and 144 respectively.

Incredibly, there are now 13 streets in the country where the average property price is more than £10 million – all of which are in London, led by Kensington Palace Gardens in W8, where the average price of a property is £42,591,972 – more than 150 times the average national property value.

Britain’s 10 most expensive streets (average price)

1. Kensington Palace Gardens, London, W8, £42,591,972

2. The Boltons, London, SW10, £30,288,586

3. Grosvenor Crescent, London, SW1X, £22,752,425

4. Courtenay Avenue, London, N6, £19,609,231

5. Ilchester Place, London, W14, £13,718,746

6. Compton Avenue, London, N6, £12,049,363

7. Manresa Road, London, SW3, £11,600,920

8. Grosvenor Gardens, London, SW1W, £11,321,413

9. Cottesmore Gardens, London, W8, £11,037,133

10. Frognal Way, London, NW3, £10,702,421

 

Britain’s most expensive towns (average price)

1. Virginia Water, Surrey, £1,208,638

2. Cobham, Surrey, £1,037,825

3. Beaconsfield, Buckinghamshire, £982,660

4. Keston, London, £976,354

5. Esher, Surrey, £969,337

6. Richmond, Surrey, £939,652

7. Chalfont St Giles, Buckinghamshire, £920,797

8. Radlett, Hertfordshire, £843,814

9. Gerrards Cross, Buckinghamshire, £828,974

10. Weybridge, Surrey, £799,828

 

Numbers of streets where average price is £1m +

1. London, 4,735

2. South East England, 3,697

3. East of England, 1,350

4. South West England, 398

5. North West England, 234

6. West Midlands, 146

7. Scotland, 121

8. East Midlands, 104

9. Yorkshire and the Humber, 99

10. North East England, 53

11. Wales, 17

12. Northern Ireland, 4

Total

10,958

London’s Top 10 Postcodes by Average Property Value

1/ W8 (Kensington) – £2,771,223

2/ SW7 (Knightsbridge) – £2,428,203

3/ SW3 (Chelsea) – £2,235,824

4/ W11 (Notting Hill) – £1,870,687

5/ SW10 (West Brompton) – £1,739,806

SW1 (Westminster) – £1,659,792

7/ W1 (West End) – £1,541,632

8/ NW3 (Hampstead) – £1,452,099

9/ SW13 (Barnes) – £1,426,357

10/ NW8 (St John’s Wood) – £1,395,999

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