Britain has more 'property millionaires' than ever before

More people than ever own a home that is worth more than a million

More than half a million British property owners are now property millionaires, it has been revealed.

Research by property company Zoopla found that the number of British homeowners with a property worth £1 million or more now stands at 524,306. This has increased by 8.3 per cent in the last year as property prices rise.

There are now 10,958 streets in Britain were the average house price exceeds £1 million. Perhaps unsurprisingly, 43 per cent of these are in London.

The most expensive street in the UK has also been revealed. The average house price in Kensington Palace Gardens, W8, is £42.5 million- more than 150 times the average national property value.

There are 121 million pound streets in Scotland, followed by 17 in Wales and merely four in Northern Ireland.

Zoopla’s Lawrence Hall said: “London continues to be the epicentre of the million-pound property market in Britain.” He added that a number of other high-value property areas are growing outside the capital city: “particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools.”