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Zoopla Rich List 2012 - Britian now home to quarter of a million property millionaires

12th June 2012

 

  • Kensington tops list of most expensive neighbourhoods
  • There are now 245,790 homes worth over £1m in Britain
  • Area the size of an iPad in Kensington costs over £550
  • Britain has 6,682 Million Pound Streets (35% in London)
  • Virginia Water, Surrey tops the list of most valuable towns

Kensington (W8) has cemented its place as the most expensive neighbourhood in London and at the top of Britain’s Property Rich List (www.zoopla.co.uk/richlist), which tracks the areas with the highest average property prices in the country. Average house prices in Kensington now stand at £1,873,866, up 5% (£90,853) on last year, according to the latest figures from Zoopla.co.uk.

Kensington also claims Britain’s most expensive street – Kensington Palace Gardens – where the average property is now valued at £22,167,649 and its residents comprise billionaires, royalty and international ambassadors. Knightsbridge (SW7); Chelsea (SW3); Notting Hill (W11) and West Brompton (SW10) join Kensington in the top five most valuable neighbourhoods in Britain with average prices of £1,430,863, £1,425,385, £1,302,763 and £1,140,593 respectively.

Britain is now home to 245,790 property millionaires, up 12% on this time last year. And there are now 6,682 Million Pound Streets in Britain, where the average home is valued at over £1m, up 13% on last year. More than 1 in 3 (35%) of the country’s Million Pound Streets can be found in the capital with 2,326, followed by Guildford (116), Leatherhead (92) and Beaconsfield (88). Footballer’s favourite, Cobham in Surrey, rounds out the top five with 78 Million Pound Streets.

Property values in the most expensive parts of the London are now almost 10 times higher than in other parts of the country. An iPad sized area of floor space in Kensington now costs over £550 on average whilst the same amount of space in Middlesbrough costs only £60. Virginia Water in Surrey, home of the exclusive Wentworth Golf Club, is the most expensive area outside London. Average prices in the wealthy oasis now stand at £968,009 – down 2.94% on last year.

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “While the majority of the country’s homeowners reflect on a year of stagnant and falling average house prices, those at the top of the market have had a good run over the past year. International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots.”

Click here for the full Zoopla.co.uk Property Rich List 2012

What £1m+ can get you in some of Britain’s most expensive neighbourhoods:

Property for sale in Kensington, W8

Property for sale in Chelsea, SW3

Property for sale in Knightsbridge, SW7

Property for sale in Guildford, GU25

- 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).

Zoopla is part of Zoopla Limited which was founded in 2007.

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