Kensington Palace Gardens
The average price of a property in Kensington Palace Gardens, London, is £42.5mPress Association

The number of homeowners in Britain whose properties are worth £1m (€1.4m, $1.5m) or more crossed 500,000 for the first time, fresh figures show.

Property website Zoopla said the number of property millionaires surged 8.3% over the past 12 months to 524,306.

Some 10,958 streets in the UK have an average house price of over £1m, with over 43% of them in London.

The most expensive street in the country is Kensington Palace Gardens in west-central London with an eye-popping average property price of £42.5m (€59.5m, $66m).

Outside of the capital, the report said Surrey and Buckinghamshire had seen a notable surge in property prices. The two most expensive towns to live in are Virginia Water and Cobham, both in Surrey.

Lawrence Hall of Zoopla explained: "London continues to be the epicentre of the million-pound property market in Britain but the Zoopla Property Rich List reveals a number of high value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools."

There are a total of 121 "million-pound streets" in Scotland. Wales has 17 and Northern Ireland has a paltry four.