Britain now home to a quarter of a million property millionaires

Zoopla's annual Property Rich List shows Kensington is the most expensive neighbourhood - an area the size of an iPad there costs over £550

Thursday 21 June 2012 12:26 BST

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Britain is now home to 245,790 property millionaires, suggests the latest report from zoopla.co.uk, up 12% on 2011. Their figures also show that there are now 6,682 Million Pound Streets in Britain where the average home is valued at over £1m (up 13% on last year). More than 1 in 3 are in London, followed by Guildford, Leatherhead and Beaconsfield.

Kensington is the most expensive neighbourhood in London with average prices at £1,873,866, up 5% (£90,853) on last year. It is also home to Britain’s most expensive street – Kensington Palace Gardens – where the average property is now valued at £22,167,649. Knightsbridge; Chelsea ; Notting Hill and West Brompton join Kensington in the top five most valuable neighbourhoods in Britain with average prices of £1,430,863, £1,425,385, £1,302,763 and £1,140,593 respectively.

Property values in the most expensive parts of the Londonare now almost 10 times higher than in other parts of the country. An iPad-sized area of floor space in Kensington now costs over £550 on average while the same amount of space in Middlesbrough costs only £60. Virginia Water in Surrey, home of the exclusive Wentworth Golf Club, is the most expensive area outside London. Average prices there are now stand at £968,009, down 2.94% on last year.

While the majority of the country’s homeowners 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," said Nicholas Leeming, Business Development Director at Zoopla.co.uk. "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.”

What £1m+ will buy you in some of Britain’s most expensive neighbourhoods

Property for sale in Kensington, W8

Property for sale in Chelsea, SW3

Property for sale in Knightsbridge, SW7

Property for sale in Notting Hill, W11