Rise in number of Billionaire Rows

By Myra Butterworth
 

Almost 2,000 streets in Britain now have average house values of £1 million, it is disclosed today.

The most expensive street is in London's Kensington Palace Gardens, where the average property costs £18 million.

Three quarters of Britain's so-called “Golden Streets” are in London, while a high concentration can also be found in Guildford, Richmond and Leatherhead.

Virginia Water in Surrey – where the average property is now worth £920,000 – is the only area outside London to make the top 10 most expensive postcodes, according to the research by property website Zoopla.

Today's total number of 1,995 streets where the average property value is more than £1 million is an increase of 36 per cent on 15 years ago when there were 1,471 streets.

Nick Leeming, commercial director of Zoopla.co.uk, said: “As a nation we're obsessed with property values. The past 12 months has seen house prices in the leading areas of the country rebound at a far faster rate than the average, contributing to a widening of the North-South divide.”

Boris Kofman, a director of Mayfair-based property consultancy Virtus Real Estate, which acquires super prime London property on behalf of some of the world's wealthiest individuals, said the very top end of the market has been immune to the collapse experienced further down the property chain.

“There are always people who are extremely rich and who will want to buy super prime properties as trophy assets, whatever market conditions may be,” he said.

“The exchange rate having been so favourable to overseas buyers over the past two years has put even more of a premium on super prime London properties. You also have to remember that properties at the top end of the market are very scarce, which again ensures prices remain high.”

It comes as a separate survey by spareroom.co.uk suggested a third of people who rent do not think they will ever be able to afford to buy a property. Telegraph