Britain’s property rich list released this Tuesday reveals Britain has more millionaire streets, nearly 2,000, than ever before with average property prices fetching over £1 million.
And west London’s Kensington Palace Gardens has been named the most expensive street to live on, with a home setting you back £18 million on average.
The data, released by property website Zoopla.co.uk, confirms the W8 street – which is home to royals from Saudi and Brunei and billionaires from Russia and India, including Britain’s richest man, Lakshmi Mittal – holds true to its Billionaires Row nickname.
And for those that can’t quite stretch to £18 million, average property prices in the rest of the west London neighbourhood fetch £1.5 million, up 9.4% (£134,000) from just one year ago.
As expected, London dominates the rankings as property prices in the capital have rebounded sharply over the past year and are now well up from the 2008 lows. Virginia Water in Surrey, where the average property is now worth £920,000, is the only area outside London to make the Top 10 Most Expensive Postcodes.
Nick Leeming, Commercial Director of Zoopla.co.uk, said: “As a nation we’re obsessed with property values and our latest Property Rich List once again lifts the lid on the most exclusive places in the country to live. The past 12 months has seen house prices in the leading areas of the country rebound at a far faster rate than the average, contributing to a widening of the North-South divide.”
In addition to W8 (Kensington), only four other areas in the country can lay claim to being Million Pound Postcodes – SW7 (Knightsbridge) and SW3 (Chelsea) where average house prices are just under £1.3 million, W11 (Notting Hill) where buying the average property will leave you with a few quid change from £1.2 million and SW10 (West Brompton) where the average pad will cost you just over £1million.
The number of Golden Streets in Britain, where average home values are over £1m, now stands at 1,995, with the vast majority (1,418) located in London. Outside the capital, the places with the highest number of Golden Streets are Guildford (47), Richmond (44) and Leatherhead (40).
Outside London, topping the list of Most Expensive Areas to live, are Windsor & Maidenhead where average property prices are now £393,000 followed by South Gloucestershire (£367,000) and Surrey (£348,000). At the other end of the scale, North East Lincolnshire and Hartlepool lead the list of Britain’s Least Expensive Areas with average house prices of under £120,000.
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