More than 10,000 of the UK’s streets are now home to properties with an average price of more than £1 million. This means that almost 500,000 of Britain’s homeowners are now ‘property millionaires’. Research conducted by property website Zoopla revealed that one third of these residences are located in London, with the majority of the remaining properties situated in the south east.
And while this trend is not just restricted to London, the capital is where you will find the country’s ten most expensive streets. These streets have seen property prices jump by 13% – far greater than the 6.6% average across the country as a whole.
Lawrence Hall, a spokesman for Zoopla said: “Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset.”
Outside London the priciest areas for property were Virginia Water and Cobham in Surrey, where house values average £1.2 million and £1 million respectively.
Research conducted by us at eMoov also reveals that a child born this year will be looking at an average price tag of around £3.4 million for their first home. Taking into account inflation and escalating house prices, by the year 2048 (which is the age today’s infants will be looking to make their first house purchase), they will need to stump up a deposit of around £678,000 if they want to purchase one of these average priced properties.
This news comes in the wake of last month’s figures that highlighted the extreme north-south divide in house prices. While property prices in the south have recovered and are higher than they were before the 2008 financial crash, house values in the north remain below their pre-crash prices.