The number of UK “property millionaires” now stands at 484,081, almost 50 per cent higher than last year, according to new research by property website Zoopla.

The number of UK “property millionaires” now stands at 484,081, almost 50 per cent higher than last year, according to new research by property website Zoopla.

The latest Property Rich List 2014 from Zoopla shows that the ten most expensive streets in Britain have seen property values grow 12.9 per cent over the last year, compared to the rest of the country where average values have risen by 6.6 per cent over the same period.

The increase in property value at the high end of the market has helped increase the number of streets with an average property value of over £1 million ($1.7 million) by almost a third over the past 12 months to 10,613, with just under 3,800 of these located in London.

The figures underscore how London’s property market has been a magnet for foreign investors seeking a relatively safe store of wealth, a force pushing property prices higher. Of course, the dominance of high prices is not the same as property owners’ disposable, liquid wealth. Rising values have also been politically controversial, as high prices are blamed on lack of fresh supply due to the UK’s planning laws, and for making it difficult for young people to get on the housing ladder.

There are now 12 streets with average house prices over £10 million, all of which are in London. Average property prices on Kensington Palace Gardens, the most expensive street, is now over £42.7 million – 162 times the value of the average British home, currently standing at £263,705.

The statistics show The Boltons in SW10 takes second place on this year’s property rich list with prices standing at £26.6 million and Grosvenor Crescent in SW1 coming in third with average prices of £22.3 million. Outside of London, most expensive areas include Virginia Water and Cobham, both with average property prices over £1 million.

Kensington remains the capital’s most expensive property area with average prices nearing £2.78 million. Knightsbridge, the next most expensive area in London, has average values of £2.48 million, while values in Chelsea stand at £2.37 million.

“London boasts all of Britain’s 20 priciest addresses. Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset. For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns. However you don’t need to be a billionaire to get a chance to own the crème de la crème of property on offer. In Wales and the North East, you can still snap up a prime property in the region’s most desirable streets for little over £1 million,” said Lawrence Hall of Zoopla.