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Rise in UK property millionaires as a result of price hikes

Rising house prices have led to a sharp increase in the number of British home owners who can now call themselves property millionaires. 

 

Almost 77,900 homeowners across the country now own property that is worth more than £1 million, according to property website Zoopla, with the number increasing by 200 a day.

 

The website’s Property Rich List confirmed that there were 323,684 homes in the £1 million-plus bracket, a rise of 32 per cent on the year prior. The list detailed the number of streets across the country on which the average home is worth more than £1 million – a figure that has risen by 23 per cent to 8,230 over the last year. More than a third of those streets were located in London, the list confirmed.

 

Each of the top 20 most expensive streets were in the capital, with Kensington Palace Gardens still holding onto its title of being the UK’s most exclusive – and expensive – street in the country. The street’s average house price sits at £36 million, which is more than 156 times the value of the average UK home, which is £230,924.

 

London’s Kensington was found to be the most expensive neighbourhood in the country, with an average house price of £2.3 million.

 

Away from the Capital, the most expensive homes were found to be located in Virginia Water in Surrey, which has an average property price of £1 million. Cobham in Surrey was the second most expensive place in the UK outside London, with an average house price of £842,806.

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