Half a million home owners are 'property millionaires'
07-12-2015
Rising house prices helps to double of the number of property millionaires in just three years, with almost half in London
House prices are on the rise again, figures show Photo: GETTY
By Dan Hyde, Consumer Affairs Editor
More than half a million people in Britain are now estimated to be "property millionaires" after the number doubled in three years, according to a website.
The total number of people living in houses worth more than £1 million now stands at 524,306 according to Zoopla's property rich list.
There are now 10,958 streets where the average property price is more than £1 million.
More than 4,700 of these are in London, around 3,700 in the South East, 121 in Scotland, 17 in Wales and just 53 in the North East. There are 13 streets in the capital the average prices is more than £10 million.
The figures come with surveys showing a pickup in house price growth occurred after the election.
According to data collected by Halifax, one of Britain's biggest mortgage lenders, the annual growth rate increased from 8.6 per cent in the 12 months to May to 9.6 per cent in the 12 months to June, the highest pace since September 2014.
Experts said home movers had been reassured by "stability" of a party gaining a majority in the new Government, particularly because the Conservatives are seen as supportive of home owners and rising house prices.
Zoopla said the areas outside London with the highest concentrations of £1 million-plus streets are all in Surrey, with Guildford, Leatherhead and Richmond housing 158, 154 and 144 streets respectively.
Kensington Palace Gardens is ranked as the country's most expensive street overall, with homes there worth £42.6 million on average.
The Boltons, where one house sold for £51 million this year, takes second place, with average property values standing at £30.3 million. Grosvenor Crescent rounds out the top three, with an average property price of £22.7 million.
Lawrence Hall, of Zoopla, said: "London continues to be the epicentre of the million-pound property market in Britain, but our property rich list reveals a number of high-value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools."
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