Millionaire club grows thanks to property boom

Zoopla estimates that 484,081 home owners can now call
themselves property millionaires. This figure is a 49 per cent or 160,397 increase on a year
ago.

It found that 12 streets now have average house prices of more than £10m, all of which are in London, where competition from buyers has been particularly fierce.

Kensington Palace Gardens, which was once again named
by Zoopla as Britain’s most
expensive street, now has
an average property value of £42.7m. The imposing mansions on this tree-lined street typically cost 162 times the value of
the average British home at £263,705.

Zoopla said that the 10 most expensive streets in Britain
have seen property values surge by 12.9 per cent over the
last year, compared with an average annual increase of 6.6 per cent across the rest of the country.

Outside the English capital, the most expensive street
in Britain is Sunninghill Road in Surrey, where the average home is worth £5.6m, Zoopla said.

The rapid growth in top-end property values over the last year has pushed the number of streets with an average property value of over £1m up by almost one third over the last 12 months to 10,613. Some 3,744 of these million-pound streets are in London, which has continued to attract interest from wealthy overseas investors.

The North’s priceiest road was South Downs Drive in Hale, Altrincham, with homes there worth around £2,417,839.

The website’s spokesman Lawrence Hall said: “London boasts all of Britain’s 20 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.”