House price rises create 77,900 more UK property millionaires

Kasmira Jefford
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ALMOST 77,900 British homeowners became property millionaires last year, thanks to rising house prices – more than 200 a day.

The property rich list, released today by property website Zoopla, said there are now 323,684 homes in the £1m-plus bracket, up 32 per cent compared with a year ago.

The number of streets in Britain where the average home is worth over £1m has shot up 23 per cent to 8,230, with more than a third of these (2,789) located in London.

Infographic: Britain's priciest neighbourhoods

However, all of the top 20 most expensive streets are located in the capital with Kensington Palace Gardens retaining its place as the UK’s most expensive street.

The street, dubbed billionaire’s row, boasts an average house price value of £36m – more than 156 times the £230,924 value of the average UK home.

Britain’s top ten most expensive neighbourhoods are also all in London, with Kensington – which recently became home to the Beckhams – topping the list at an average of £2.3m per property.

Outside London, Virginia Water in Surrey, which is home to Bruce Forsyth, is the most expensive area in Britain with an average property value of £1m. Cobham in Surrey takes second place outside the capital at £842,806.