UK property millionaires on the increase

Kasmira Jefford
Follow Kasmira
MORE THAN 245,790 Britons own a property worth in excess of £1m, a new survey shows, up 12 per cent on last year.

Despite stagnant <a href="/house-prices">house prices</a> across most of the UK, there are more than 6,682 streets with properties valued over £1m. More than a third of these million pound streets are located in London, followed by Guildford and Leatherhead, both popular commuter towns.

The property rich list, published by property website Zoopla, shows that Kensington is by far the most expensive neighbourhood in the UK, with prices averaging £1.9m, up five per cent on last year.

The exclusive borough, home to the Duke and Duchess of Cambridge and steel tycoon Lakshmi Mittal, also claims Britain’s most expensive street – Kensington Palace Gardens – where the average house price is an eye-watering £22.2m.

Nine out of the top 10 most expensive neighbourhoods are in the capital, including Chelsea, Knightsbridge and Notting Hill and West Brompton. Virginia Water in Surrey is the most expensive area outside London where property prices fell 2.94 per cent to an average of £968,009 last year.