Research reveals more homes than ever in Britain worth over £1 million

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Research reveals more homes than ever in Britain worth over £1 million

There are now well over 750,000 homes in Britain worth at least £1 million with most of them in London, new figures show.

Overall there are 768,553 properties in this price bracket which amounts to 2.7% of the nation’s housing stock, according to the data from property portal Zoopla.

This is a considerable rise of 22.95% since August 2016 which shows just how fast the value of home have been rising.

The largest number are on London at 430,720. Kensington Palace Gardens, which borders the west side of Hyde Park, is the most expensive with an average property price of £35,696,711.

The second highest number of millionaire properties can be found in the South East of England at 180,397 and there are more than double the number of million pound properties in Guildford, Surrey, at 5,889 than there are across the whole of Wales.

There are 33,717 million pound plus properties in the South West, 12,552 in the North West, 12,219 in the West Midlands, 11,101 in Scotland, 6,845 in the East Midlands, 4,835 in the North East, 4,103 in Yorkshire and the Humber and just 2,223 in Wales.

When it comes to towns and cities there are also a large number of million pound homes in Cambridge, Reading, Oxford, St Albans, Bristol and Edinburgh.

The second most expensive street it Grosvenor Crescent near Buckingham Palace where the average property is worth just under £22 million, followed by The Boltons at just under £20 million.

The wealthiest street outside London is Golf Club Road in Weybridge, Surrey, where the average price is just under £6 million, followed by Temple Gardens in Rickmansworth, Hertfordshire, at just over £4 million and Phillippines Shaw in Tunbridge Wells, Kent, also just over £4 million.

A breakdown of the figures shows that Cambridge has 5,530 millionaire homes, Reading 5,421, Sevenoaks 5,416, Oxford 5,242, St Albans 4,981, Bristol 4,792, Edinburgh 4,759, Leatherhead 4,707 and Twickenham 4,596.

At the other end of the list is Walton on Thames with just 1,999 properties in this price bracket, Cheltenham with 2,015 and Dorking at 2.046. Although Beaconsfield in Buckinghamshire is midway down the rankings for quantity of property millionaires, some 49% of homes in the area fall into the millionaire price bracket.

In London the highest concentration of million pound homes is in Westminster at 54,231, Kensington and Chelsea at 45,366, Camden at 37,908, Wandsworth at 30,686, Hammersmith and Fulham at 30,019, Barnet, 24,719, Richmond-upon-Thames at 23,322, Islington at 22,973, Lambeth at 17,701, Southwark at 17,428.

Meanwhile, the outer London borough of Barking and Dagenham has the fewest million pound homes with just 20, Bexley with 578 and Newham with 608.