Places where property is still booming

Around 1,995 streets have homes on them that sell for an average of at least seven figures, according to property website Zoopla.co.uk.

Unsurprisingly, the vast majority of these are in London at 1,418, followed by Guildford at 47, Richmond in Surrey at 44 and Leatherhead at 40.

Kensington in London is the most expensive postcode area in the country, with the average home in W8 costing nearly 1.6m, nine per cent more than a year ago.

The area is also home to the country's most expensive street, Kensington Palace Gardens, with property prices there averaging 18m.

London accounts for nine of the top 10 most expensive postcodes, after property prices in the capital have rebounded sharply during the past year.

Chelsea is the second most expensive postcode area, with homes averaging 1.3m, followed by SW7 in Knightsbridge and W11 in Notting Hill, where homes sell for around 1.1m.

Virginia Water in Surrey is the only place outside London to make it into the top 10. Its GU25 postcode area is ranked sixth overall, with homes in the area changing hands for an average of 920,138.

At the other end of the scale, North East Lincolnshire had the lowest property prices, with the average home in the area costing 118,373, followed by Hartlepool at 120,000.