Britain now has 660,924 property millionaires, according to research by the listings website Zoopla, a rise of 6.6% since January alone as house prices rise rapidly across the country.

Zoopla said in its "Rich List 2016" that 12,418 streets in Britain had an average property price of over £1m (€1.2m, $1.3m). The most expensive is Kensington Palace Gardens in London's W8 postcode, which has an average price of £38,266,143 and is home to Saudi royalty and the steel magnate Lakshmi Mittal.

All of the top 10 streets are in London. Over 60% of the country's property millionaires are based in the city, where prices have rocketed in recent years off the back of a serious supply shortage and intense demand from investors and homebuyers.

"While Kensington Palace Gardens continues to hold the top spot in the Rich List, it's interesting to see some property values in the most expensive neighbourhoods decreasing over the past 12 months," said Zoopla's Lawrence Hall.

Outside of London, the most expensive area was Virginia Water, Surrey, with an average house price of £1.3m. "Whilst London will always attract buyers for trophy homes from across the globe, those looking for million pound plus homes should also consider areas outside the capital that make the list such as Guildford, Sevenoaks or Esher, where they will get more bang for their buck," Hall said.

Top 10 most expensive streets

RankStreet nameAverage property value
1Kensington Palace Gardens, W8£38,266,143
2The Boltons, SW10£33,314,108
3Grosvenor Crescent, SW1X£21,635,151
4Courtenay Avenue, N6£19,000,018
5Manresa Road, SW3£13,281,914
6Compton Avenue, N6£13,212,238
7Frognal Way, NW3£12,797,040
8Ilchester Place, W14£12,774,204
9Cottesmore Gardens, W8£10,816,448
10Chester Square, SW1W£10,635,410

Top 10 most expensive neighbourhoods

RankOutcodeAverage property value
1SW7 (Knightsbridge)£2,715,273
2W8 (Kensington)£2,706,626
3SW3 (Chelsea)£2,530,643
4W11 (Notting Hill)£1,858,258
5SW1 (Westminster)£1,759,788
6W1 (West End)£1,719,589
7SW10 (West Brompton)£1,619,148
8NW3 (Hampstead)£1,543,919
9SW13 (Barnes)£1,537,919
10NW8 (St John's Wood)£1,478,024

Neighbourhoods with the most streets worth £1m or more (excluding London)

RankPost townNumber of £1m+ streets

Britain's property millionaires

RankRegionNumber of Property Millionaires% of Britain's total Property Millionaires
2South East England145,88622.07%
3East of England54,0318.18%
4South West England23,8553.61%
5North West England9,6801.46%
7West Midlands7,7781.18%
8East Midlands4,3540.66%
9North East England3,7240.56%
10Yorkshire and The Humber3,1640.48%

Source: Zoopla

Zoopla richest street property
Zoopla richest streets propertt