50% surge in British property millionaires

The number of homeowners in Britain who can claim to be property millionaires' now stands at 484,081, almost 50 per cent higher than a year ago.

Zoopla's Property Rich List 2014 shows that the 10 most expensive streets in Britain have seen property values grow 12.9 per cent over the last year, compared to the rest of the country where average values have risen by 6.6 per cent over the same period.

The growth in property values at the top end of the market has also helped increase the number of streets with an average property value of over one million pounds by almost a third over the last twelve months to 10,613.

Just under a third of the streets with average property values over £1m are located in London (3,744) and there are now 12 streets with average house prices over £10 million, - all of which, unsurprisingly, are in London.

The average property on Kensington Palace Gardens, the most expensive street, is now worth £42,730,706 - that's a remarkable 162 times the value of the average British home currently valued at £263,705 according to Zoopla.

The Boltons in SW10 takes second place on this year's property rich list with average house prices standing at £26,570,341 and Grosvenor Crescent in SW1 rounds out the top three with average property prices of £22,293,470.

Outside of the capital, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is currently worth £5,605,067. The two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water at £1,186,262 and Cobham at £1,003,400.

W8 (Kensington) remains London's most prestigious postcode, with average property prices in the area of £2.78m. Neighbouring SW7 (Knightsbridge), the next most expensive area in the capital, has average values of £2.48m, while property values in third-placed SW3 (Chelsea) stand at £2.37m.