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Zoopla Property Rich List 2013 revealed

28th June 2013

Britain now home to 8,230 streets with average property value over £1m
  • 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, 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 Average property value
1 W8 (Kensington) £2,326,439
2 SW7 (Knightsbridge) £2,034,706
3 SW3 (Chelsea) £1,822,560
4 SW10 (West Brompton) £1,497,783
5 W11 (Notting Hill) £1,422,262
6 SW1 (Westminster) £1,297,531
7 W1 (West End) £1,294,766
8 SW13 (Barnes) £1,139,476
9 NW3 (Hampstead) £1,125,499
10 SW5 (Earl's Court) £1,098,182

Source: Zoopla.co.uk (June 2013)

Britain’s Top 10 Most Expensive Streets

Rank Street Average property value
1 Kensington Palace Gardens, London W8 £36,066,148
2 The Boltons, London SW10 £23,375,758
3 Grosvenor Crescent, London SW1X £19,768,963
4 Courtenay Avenue, London N6 £10,750,336
5 Compton Avenue, London N6 £10,006,014
6 Frognal Way, London NW3 £9,513,716
7 Park Place Villas, London W2 £8,980,477
8 Montrose Place, London SW1X £8,980,468
9 Cottesmore Gardens, London W8 £8,813,429
10 Palace Green, London W8 £8,644,535

Source: Zoopla.co.uk (June 2013)

Britain’s Top 10 Most Expensive Towns

Rank Town Average property value
1 Virginia Water, Surrey £1,034,368
2 Cobham, Surrey £842,806
3 Beaconsfield, Buckinghamshire £806,459
4 Keston, London £785,399
5 Esher, Surrey £774,265
6 Chalfont St. Giles, Buckinghamshire £754,779
7 Richmond, Surrey £718,229
8 Gerrards Cross, Buckinghamshire £717,319
9 Radlett, Hertfordshire £691,211
10 Welwyn, Hertfordshire £687,558

Source: Zoopla.co.uk (June 2013)

Highest Number of £1m Streets by Area

Rank Area # of Million Pound Streets
1 London 2789
2 Richmond 184
3 Guildford 118
4 Mitcham 100
5 Leatherhead 96
6 Beaconsfield 89
7 Cobham 89
8 Kingston-upon-Thames 89
9 Harpenden 84
10 Esher 83

Source: Zoopla.co.uk (June 2013)

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editors

Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

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