768,000 homes now worth over £1million

NEARLY 770,000 homes across Britain are now valued at over £1million, research has found.

The total of 768,552 accounted for 2.7 per cent of the nation’s housing stock, according to the website Zoopla, and is a jump of 22.95 per cent, or 143,476 more property millionaires since August 2016 when the data was previously analysed.

More than half the nation’s property millionaires are in london which accounts for 430,720 of the total.

And with large concentrations in the capital and the South-East, there are more than double the number of million-pound properties in Guildford, Surrey, than there are across the whole of Wales. Guildford was identified as the top million-pound property hotspot outside london, with 5,889 homes there valued in that bracket.

Cambridge, reading, Oxford, St Albans, Bristol and Edinburgh were also among the places with particularly high concentrations of such homes.

House prices rose 3.9 per cent last year – slightly higher than even the most optimistic market analysts predicted in 2016, according to data from Halifax.

The property website rightmove predicted an average 1 per cent rise across the UK this year, with smaller apartments and houses doing better and expected to rise by 3 per cent. Northern England is tipped to see bigger increases than the South, driven by buy-tolet investors looking to capitalise on lower cost properties.

lloyds Bank found that moving house now costs an average £11,624 across the UK, and over £32,000 in london.

Meanwhile, property data at the end of last year showed that the top ten richest streets in Britain were all in london.

Kensington Palace Gardens, which borders the west side of Hyde Park, had an average property value of £35,696,711.

The wealthiest street outside the capital is Golf Club road in Weybridge, Surrey.

Prospective buyers there would need to have an average budget of just under £6million.