• Number of Million Pound Streets in Britain rises 23% over past 12 months
• There are now 323,684 homes worth over £1m in Britain - up 32% from 2012
• Kensington Palace Gardens named again as Britain’s most expensive street
• Kensington and Knightsbridge named as most expensive neighbourhood
• Floor space the size of an average doormat worth £3,586 in Kensington
Britain’s Property Rich List 2013 (www.zoopla.co.uk/richlist), released today by property website Zoopla.co.uk, reveals that the number of streets in Britain where the average property value is over £1 million has risen by 23% over the last twelve months to 8,230.
Rising house prices, particularly at the prime end of the property market, have created 77,894 more property millionaires in the past year and Britain is now home to 323,684 properties worth more than £1 million, up 32% from 245,790 twelve months ago.
Of the 8,230 Million Pound Streets in Britain, 34% (2,789) are located in the London. However, unsurprisingly all of the top 20 most expensive streets are located in the capital with Kensington Palace Gardens – dubbed ‘Billionaires Row’ – once again retaining its position as Britain’s most expensive street.
The average property on Kensington Palace Gardens, home to Leonard Blavatnik, the second wealthiest man in the UK, and a stone’s throw from where Prince William and the Duchess of Cambridge live, is currently valued at a cool £36,066,148, more than 156 times the value of the average UK home (currently £230,924 according to Zoopla.co.uk).
The Boltons in SW10, formerly home to Madonna, takes second place on this year’s list with an average house price of £23,375,758, followed closely by Grosvenor Crescent in SW1 where a home will set you back £19,768,963 on average.
Kensington, W8, was named the most expensive neighbourhood in Britain by Zoopla in the latest Property Rich List. The exclusive area, where the average property value is currently £2,326,439, is home to celebrities such as Dustin Hoffman, Rita Ora and most recently The Beckhams. The average property in Kensington has risen in value by 4.5% (£100,871) over the past 12 months and an area the size of a standard doormat (2.58 sq ft) is currently valued at an eye-watering £3,586 in Kensington.
Knightsbridge, SW7, where the average house price is now £2,034,706 has overtaken Chelsea this year as the second most expensive area to live in Britain. Outside London, Virginia Water in Surrey, home to Bruce Forsyth and Eddie Jordan, is the most expensive area in Britain with an average property value of £1,034,368. Footballer-filled Cobham in Surrey takes second place outside the capital with an average property price of £842,806.
Lawrence Hall of Zoopla.co.uk said:
“Even lottery winners can only fantasise about owning a home on streets like Kensington Palace Gardens and The Boltons. Property values in these super-prime areas are astronomically high and have risen substantially over the past year. Only the super-wealthy can entertain the notion of living on the most expensive streets and they are paying as much for the address and location as they are for the size and quality of the property. You can find magnificent mansions in other parts of the country for a similar price to even just average properties in areas like Kensington.”
Britain’s Top 10 Most Expensive Neighbourhoods
Rank Neighbourhood
1 W8 (Kensington)
2 SW7 (Knightsbridge)
3 SW3 (Chelsea)
4 SW10 (West Brompton)
5 W11 (Notting Hill)
6 SW1 (Westminster)
7 W1 (West End)
8 SW13 (Barnes)
9 NW3 (Hampstead)
10 SW5 (Earl's Court)
Britain’s Top 10 Most Expensive Streets
Rank Street
1 Kensington Palace Gardens, London W8
2 The Boltons, London SW10
3 Grosvenor Crescent, London SW1X
4 Courtenay Avenue, London N6
5 Compton Avenue, London N6
6 Frognal Way, London NW3
7 Park Place Villas, London W2
8 Montrose Place, London SW1X
9 Cottesmore Gardens, London W8
10 Palace Green, London W8
Britain’s Top 10 Most Expensive Towns
Rank Town
1 Virginia Water, Surrey
2 Cobham, Surrey
3 Beaconsfield, Buckinghamshire
4 Keston, London
5 Esher, Surrey
6 Chalfont St. Giles, Buckinghamshire
7 Richmond, Surrey
8 Gerrards Cross, Buckinghamshire
9 Radlett, Hertfordshire
10 Welwyn, Hertfordshire
Highest Number of £1m Streets by Area
Rank Area
1 London
2 Richmond
3 Guildford
4 Mitcham
5 Leatherhead
6 Beaconsfield
7 Cobham
8 Kingston-upon-Thames
9 Harpenden
10 Esher
