According to new research by property website Zoopla, UK property millionaires increased by 6% in 2010 with one in every 118 properties now valued at 1 million GBP or more. If you compare this with one in 97 properties worth over 1 million in 2007 when the property market was supposedly at its peak, it suggests that the market is recovering.
However, things are not quite that clear cut. Zoopla’s figures also show an uneven picture across the UK. While London and the South East saw property millionaires increase by 11%, their counterparts in Scotland decreased by 14% and in Wales by a staggering 49%.
London is clearly continuing to attract wealthy buyers and now accounts for nine of the top ten areas in the UK with the most property millionaires. While the capital’s most expensive area is Kensington W8 where 52% of properties are now worth more than 1 million, London’s single most expensive street resides south of the river in SW19. According to Lloyds TSB the average price of a house on Parkside, which is within lobbing distance of the All England Tennis Club in Wimbledon, now stands at slightly over 5 million.
The rest of the top five most expensive streets are all located in the borough of Kensington and Chelsea. Wycombe Square W8, last year’s most expensive street, is now in second place with an average property price of 4,415,000 followed by Blenheim Crescent W11 at 4,346,000, Mallord Street SW3 at 4,091,000, and Drayton Gardens SW7 at 4,011,000.
The only streets outside the capital to make it to this year’s top 20 are Woodlands Road West in Virginia Water, Surrey at 2,770,000 and Burkes Road in Beaconsfield, Buckinghamshire at 2,742,000.
Outside of London and the South East, Brundenell Avenue in Sandbanks, Dorset has an average property price of £1,562,000. Several other streets in this desirable part of the south coast are also valued highly, including Elms Avenue at £1,484,000, Crichel Mount Road at £1,311,000 and Bingham Avenue at £1,219,000.