The number of property millionaires in London has soared over the last year to 182,583. This comes after an increase of 36,815 over 2012, equivalent to 100 new property millionaires being created each day.
The borough of Kensington & Chelsea is home to the most property millionaires in Britain with an average property value of £2,186,471 and with 64% of all homes currently worth over £1m. 36,293 property millionaires live in the area.
Famous Kensington residents include Roman Abramovich and the Duke and Duchess of Cambridge. The equivalent floor space to an Amazon Kindle (228cm²) costs £389.
Kensington Palace Gardens has been dubbed the most expensive street in Britain. Dubbed “Billionaires Row”, the average home on the street is worth over £25 million. This exclusive address is home to Russian-American businessman Leonard Blavatnik, the UK’s 6th richest man, and to Lakshmi Mittal, the wealthiest man in the UK with a personal fortune of around £9.8bn.
Lawrence Hall of Zoopla.co.uk said:
“The top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage. Foreign buyers in particular have gravitated towards top-end property in London over the last few years, which has pushed up demand and prices on more expensive property as they try to secure a limited supply of top-end homes in the capital.”
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