The numbers of property millionaires located in Britain has doubled in numbers in the past three years. In a report from theguardian.com, the 500,000 mark was surpassed for the first time by the sheer number of millionaires now in circulation.
Thirteen streets have been identified in the London area where the average house price is more than £10m. In comparison, there are only 11,000 streets throughout the United Kingdom where average property prices are worth more than £11m.
The numbers are staggering in light of the current slowdown being felt throughout the UK property market. While there are small declines in prices in certain areas, overall, the prices have been skyrocketing in the most affluent addresses in the past year. The Land Registry had indicated that 24 out of the 33 London boroughs have price growths in the double figures. These prices continue to rise as demand continues to increase and supply is dwindling.
Halifax, one of the largest mortgage lenders in Britain, indicated that the annual growth rate had increased from 8.6 percent in the year ending May to 9.6 percent in the year ending June. This is the highest jump by the index since September 2014, according to a report from telegraph.co.uk.
The report identified that the Kensington Palace Gardens is ranked the UK's most expensive street, with homes prices averaging at £42.6m. Zoopla on the other hand, the areas with the highest priced homes on average outside of London are all located in Surrey, specifically Guildford, Leatherhead and Richmond.
According to Zoopla's Lawrence Hall, "London continues to be the epicentre of the million-pound property market in Britain, but our property rich list reveals a number of high-value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools."