Region has some of lowest home prices as property divide grows

Britain’s Property Rich List 2011, released by property website Zoopla.co.uk, shows that although house prices in some of the country’s most expensive areas have fallen a little over the past year they have held up better than less expensive areas.

The S4 and S14 areas of Sheffield, the BD1, BD3 and BD5 areas of Bradford and the DN1 area of Doncaster all appeared in the 20 lowest-value areas for house prices.

The HU3 of Hull and the DN31 area of Grimsby also appeared in the bottom 20.

Meanwhile Kensington in London emerged as the most expensive place to live with average house prices close to £1.75m.

Nick Leeming, business development director at Zoopla.co.uk, said: “Despite the recent property market uncertainty, Brits remain obsessed with the value of their home as well as those of their neighbours, friends and family.

“This year’s Property Rich List shows an ever-widening North-South divide and, whilst house prices in some of the most expensive areas of the country have fallen a little over the past 12 months, they have held up far better than in many of the less expensive areas.”

According to the list, Britain is now home to 220,131 property millionaires, down from 223,119 this time last year.

And there are now 5,922 streets where average house prices are more than £1m.

Topping the list of the most expensive streets in Britain is Kensington Palace Gardens, also known as Billionaires Row, where the average price is £19.2m.

The exclusive, gated street is home to Saudi and Brunei royalty, Russian oligarchs and Britain’s richest man, Lakshmi Mittal, who owns three properties on the street.

The study found the most expensive area to live in Britain is Windsor & Maidenhead, where average house prices stand at £389,120, just ahead of the London average of £387,119.

Conversely Middlesbrough was named as being the cheapest place in the country for property with the average house price in the TS2 postcode area said to be £41,601.