Number of 'property millionaires' up by 60%

Property website Zoopla says that in Britain today there are 484,081 'property millionaires' whose homes are worth a million pounds or more, up from just over 300,000 last year.

Nationally there are 10,613 streets with an average house price of over £1million, with 3,744 of these streets being in London. Indeed, there is one street in the capital whose average house price is just under £43million.

However London is not the only hotspot, with house prices in Ascot, Guildford, Leatherhead, Woking, and Sevenoaks in Kent also rocketing.

Recent figures reveal that there is more mortgage debt in South West London than there is in the whole of Wales put together.

At a national level, the average price of a British home is currently £263,705, according to Zoopla's figures.

It is not only geographic location which can affect a property's value, with proximity to the best state schools becoming an increasingly large factor.

Parents who want their children to attend the very best schools in the country can pay a premium of up to £500,000 to buy a home nearby.

The most extreme example can be found is Beaconsfield High School in Buckinghamshire. The average price of nearby properties is £797,000, compared with £314,000 in the rest of the county. The 'school premium' of £483,000 is the highest in England.

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Ellen Court Solicitors

Preston Conveyancing