Millionaires’ row? We’ve got 14,000!

Surge in streets where the typical home costs over £1m

THE NUMBER of streets where properties are worth over £1million has jumped by more than a sixth over the past year, according to research.

Some 14,417 roads have homes that cost seven-figures to buy on average, compared to 12,418 a year ago.

The leap shows that, while property prices have seen a slight dip among top-end residences in London, values have continued climbing elsewhere – despite doomladen predictions about the postBrexit economy.

The most expensive street is Kensington Palace Gardens in London’s W8 postcode, where the average home costs £35,696,711 – around £2.5million less than last year.

Known as Billionaires’ Row, some properties are worth up to £100million and embassies there include those of Russia and Israel.

Next is Grosvenor Crescent in SW1X, or Belgravia, where the Grade II listed 19th century properties close to Hyde Park, many of which have plain clothes security guards, are typically worth around £22million. The Boltons in SW10 is third with an average of just under £20million.

Just over 40 per cent of the millionaires’ rows are in Greater London and 77 per cent are in the South East when the capital is included. Overall, 94.2 per cent are in the South. Scotland has 109 and Wales just 11.

The county with the second highest number of million-pound properties is Surrey, with 204.

The difference in house prices around the country is illustrated by the variation from county to county in the North. The most expensive street in the West Midlands was Lovelace Avenue in Solihull, which averaged £2,125,724.

Merseyside’s was the £1,595,531 purchasers part with for Shireburn Road in Liverpool, while The Fairways in Lincoln scrapes into the ‘rich list’ at £1,008,248. South Yorkshire failed to make the million pound cut, with its most prestigious address, Barnsley Road in Barnsley, averaging £974,724.

The figures were obtained by Zoopla, which last year reported 40,885 new property millionaires had been created – bringing the total to almost 661,000. The number of people living in million-pound homes reached the 500,000 mark for the first time in 2015.

Zoopla said: ‘It’s no surprise the capital’s most exclusive boroughs continue to dominate the list.

‘This is partly thanks to some luxurious properties benefiting from unbeatable locations near the heart of the city.’