Another 40,000 are a property millionaire

MORE than 40,000 new property millionaires have been created across Britain this year so far amid rising house prices, according to a website.

Some 660,900 homes across the country are now estimated to be worth at least £1 million – an increase of more than 40,800 since January, Zoopla found.

Four out of five (82 per cent) of Britain’s property millionaires live in London or the South East of England.

Nestled in the W8 postcode of London and within easy reach of both Kensington and Notting Hill, Kensington Palace Gardens was identified as Britain’s most expensive street.

An average home in the road, which has previously been nicknamed “the boulevard of billionaires,” will set a buyer back £38.26 million.

The Boltons, in the SW10 postcode of Brompton, southwest London, was found to be the second most expensive street. A home in The Boltons is worth £33.31 million typically.

Across Britain, there are now 12,418 streets where the average property value is more than £1 million, according to Zoopla’s calculations.

While 60 per cent of Britain’s property millionaires live in London and a further 22 per cent live in England’s south east, only 1.28 per cent are in Scotland and just a quarter of a per cent in Wales.

All 10 of Britain’s most expensive streets are in London. But despite their expensive price tags, properties in some neighbourhoods of the capital have fallen in value over the past year.

It follows economic uncertainty and recent changes in stamp duty which made it more expensive for people buying top-end properties. Pictures from our archive