More than 160,000 new property millionaires have been created over the past year in Britain as the housing market recovery has taken off, according to a website.
Zoopla estimates that nearly half a million home owners can now call themselves property millionaires, at 484,081 in total. This figure is a 49 per cent or 160,397 increase on a year ago.
It found that 12 streets now have average house prices of more than STG10 million ($A18.25 million), all of which are in London, where competition from buyers has been particularly fierce.
Kensington Palace Gardens, which was once again named by Zoopla as Britain’s most expensive street, now has an average property value of STG42.7 million. The imposing mansions on this tree-lined street typically cost 162 times the value of the average British home at STG263,705.
Sitting close to the Duke and Duchess of Cambridge’s home at Kensington Palace, the road has earned the moniker the “boulevard of billionaires”.
Kensington Palace Gardens has consistently been named by Zoopla as most expensive street in Britain since 2012, when it started doing the research.
The Boltons in Kensington was again named as the second most expensive street, where homes are worth 26.5 million on average.
Zoopla said that the 10 most expensive streets in Britain have seen property values surge by 12.9 per cent over the last year, compared with an average annual increase of 6.6 per cent across the rest of the country.
Outside the English capital, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is worth 5.6 million, Zoopla said.
The rapid growth in top-end property values over the past year has pushed the number of streets with an average property value of over STG1 million up by almost one third over the past 12 months to 10,613. Some 3,744 of these million-pound streets are in London, which has continued to attract interest from wealthy overseas investors.
The most expensive street in Wales is Ty-Gwyn Avenue in Penylan, Cardiff, where the average property price is valued at STG1,046,987, Zoopla said.
Meanwhile, Scotland’s most expensive address is Balmoral Court, Gleneagles Village, Auchterarder, where the typical home is worth STG2,032,726.
Zoopla made its findings after using a formula to estimate the current market value of homes, using data from various sources, including the government, estate agents, surveyors and users of its website.
The website’s spokesman 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.”