More than half a million homes now worth more than £1 million

More than half a million homes now worth more than £1 million

The number of homes in the UK worth more than £1 million is at a record high, surpassing half a million in total for the first time ever. 

According to the newest data released this week by online property portal Zoopla, the number of property millionaires across the UK now sits at 524,306 as of the middle of 2015. This represents growth of more than eight per cent when compared to the figure at the same point a year ago. 

Zoopla also said that almost 11,000 streets (10,958) across the UK can now boast an average property price of more than £1 million. Some 43 per cent of these streets are located in London, while the areas outside the capital with the highest number of property millionaires are all in the south; Surrey, with Guildford, Leatherhead and Richmond, with 158, 154 and 144 respectively.

Lawrence Hall of Zoopla said: "London continues to be the epicentre of the million pound property market in Britain but there are 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."

Further up the property ladder Zoopla's latest data also shows that in the UK there are now 13 streets where the average property price tops £10 million, an all-time high for this figure as well. All of these streets, perhaps unsurprisingly, are in London. 

And when it comes to finding the most expensive street in the whole of the country, Zoopla named Kensington Palace Gardens in W8. It said that the average house price on this street is now in excess of £42 million.