Soaring house prices create almost 78,000 new property millionaires

It’s a good time to be a UK property owner – according to new figures out today. Almost 78,000 of them became property millionaires last year, as prices continued to soar across much of the UK.

The total number of properties now worth more than £1m now stands at 323,684, up 32% from 2011, property comparison website Zoopla said in its latest Rich List report.

London saw the bulk of this change, with almost 2,800 streets in the capital now filled with homes worth more than £1m. Overall there are 8,230 property millionaire streets, up 23% year on year.

London also housed the thirty most expensive streets in the UK, mainly concentrated around Kensington and Chelsea. Floor space the size of a doormat in the plush borough now costs a stellar £3,586.

However, Kensington Palace Gardens, best known as billionaire row, took the undisputed top spot with an average house price of £36m – making prices there 156 times more expansive than the UK average.

In slightly more surprising news, Virginia Water in Surrey became the first property millionaire village.