High demand for prime residential property over the last 12 months has created 47,024 more property millionaires , according to the latest research from property website Zoopla.co.uk.
There are now 300,142 property millionaires in Britain, up 19 per cent from this time last year.
Almost two-thirds of Britain’s property millionaires live in London, home to 182,583 property millionaires with 36,815 more created in the last year.
Kensington, W8 in London has the most property millionaires in Britain with an average property value of £2,186,471 and where 64 per cent of all homes are currently worth over £1 million - the value of the equivalent floor space to an Amazon Kindle is £389.
The most expensive street in the Britain is Kensington Palace Gardens where the average home is worth over £25 million.
The borough of Kensington and Chelsea is home to the most property millionaires with 36,293. Despite being the smallest London borough, it contains 12 per cent of Britain’s property millionaires. It is followed closely by the borough of Westminster (32,477) which includes Mayfair and Park Lane. In third place is the borough of Camden (18,400) which includes Primrose Hill.
Lawrence Hall of Zoopla.co.uk said: “The top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage. Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital.”