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Top London homes worth 150x UK average

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13/07/2015
Properties located on ‘Billionaire's Row' in London are worth 150 times the national average, data from Zoopla has shown.

The property portal’s ‘rich list’ found the average property in Kensington Palace was valued at £42.6 million – this compares to the current UK average of £270,511.

More than 500,000 people are now described as property millionaires, with the value of their homes currently above £1 million. This figure has risen 8.3% in the last 12 months to reach 524,306.

Just under half of all streets where property prices average £1m were located in London, Zoopla said.

Despite a slowdown in many parts of the capital’s market, high-end properties continue to attract foreign investors and other wealthy individuals.

All 12 streets where house prices topped £10 million were located in London.

Two towns in Surrey were home to the highest average house prices in the UK. Virginia Water (£1,208,638) and Cobham (£1,037,825) both topped the million pound mark.

Lawrence Hall of Zoopla said some areas had struggled against pre-election uncertainty, but following the Conservatives’ victory activity would increase.

“This pre-election insecurity also plagued other pockets of the property market and it’s likely that with the election now concluded, activity levels will increase,” he said.

“In 2014, we saw average house prices plateau [in the second half of the year] after a strong start, but this time around we could well see the reverse of that and the year finishing more strongly than it began.”

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