The number of property millionaires in the UK now stands at 300,142, up 19 per cent compared to a year ago, a new study has found.

Zoopla.co.uk, the privately-held property website, said house price growth in London and the South East was driven by demand from equity-rich buyers and limited supply, helping to push the value of a further 47,024 UK properties over £1 million during 2012. By contrast, house prices in the rest of the property market grew by 1 per cent overall.

Almost two-thirds (64 per cent) of Britain’s property millionaires are in London, their number having risen by 36,815 to 182,583 in the past year. This is equivalent to 100 new property millionaires each day throughout 2012.

Kensington wears the crown for the most property millionaires in Britain, with the average property value currently standing at £2,186,471 (about $3.5 million) and where a staggering 64 per cent of all homes are worth over £1 million. Known as the “Billionaires Row”, the most expensive street in Britain is Kensington Palace Gardens, where the average home is worth over £25 million.

In terms of volume, the borough of Kensington and Chelsea - London’s smallest borough - contains the most property millionaires, with 36,293. Second is Westminster (32,477) and third is Camden (18,400).

“The top end of the property market operates seemingly in isolation to the rest of the market,” said Lawrence Hall of Zoopla.co.uk. “Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage.”

Across Britain, Wales has the lowest number of property millionaires at 844, although this number is up from 643 compared a year ago.