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UK has almost half a million property millionaires

Soaring property prices have led to almost half a million people becoming property millionaires.Research from Zoopla reveals the number of property millionaires has ballooned by nearly fifty per cent during the last year alone, taking the total figure to 484,081.The ten most expensive streets in Britain have witnessed a 12.9 per cent growth in property values during the past 12 months, while the average increase was 6.6 per cent in the same period.There are now over 10,000 streets in the country that have an average property value of more than £1 million - an increase of almost a third during the past year.In the capital, there are 12 streets where the average house price is more than £10 million. On the most expensive of these, Kensington Palace Gardens, the average property is worth £42,730,706 - 162 times the British average.Outside of London, the most expensive street in the country is Sunninghill Road in Surrey, which has an average house price of £5,605,067.The two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water at £1,186,262 and Cobham at £1,003,400.Kensington is the capital's most prestigious postcode, followed by Knightsbridge and Chelsea. The rest of the top ten is dominated by areas in London and the south-east.Zoopla's Lawrence Hall said: "London boasts all of Britain's 20 priciest addresses. Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset."For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns."However, Mr Hall also pointed out that prices of prime properties are lower in other parts of the UK such as Wales and the north-east, where they can be purchased for just over £1 million. 

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