Surreal Real Estate Prices:'s 2011 Property Rich List

Sunday, June 5, 2011

LONDON, June 6, 2011 - has Released its Property Rich List 2011 Which Shows That
Kensington is the Most Expensive Place to Live, While Surrey is Home to the
Highest Number of Property Millionaires Outside the Capital

Britain's Property Rich List 2011, released today by leading
property website (, reveals Kensington,
London W8, to be by far the most expensive neighbourhood in the country to
live, with average house prices there standing at almost GBP1.75 million.

Britain is now home to 220,131 Property Millionaires, down
from 223,119 this time last year, and has 5,922 Million Pound Streets, where
average house prices are over GBP1 million. London tops the list of places
with the most Million Pound Streets by far with 2,290, followed by commuter
hotspot Guildford with 89 and footballer's paradise, Cobham, in third place
with 78.

The average home for sale ( in
Kensington now costs GBP1,737,862 according to the study by,
which provides free online value estimates for every home in the UK. And
whilst this is GBP400,000 more than its nearest rival Chelsea, SW3 where the
average pad will set you back GBP1.32m, all of the top five neighbourhoods on
the list boast average property prices of over GBP1m and includes
Knightsbridge, SW7 (GBP1.31m), Notting Hill, W11 (GBP1.17m) and West
Brompton, SW10 (GBP1.05m).

The top 10 most expensive neighbourhoods in the country are
almost entirely in the capital, with the only exception being seventh placed
Virginia Water, Surrey GU25, home to exclusive Wentworth Golf Club, where
average house prices are GBP936,653. And nine out of the top 10 on the list
have seen average house prices fall over the past 12 months, with the only
exception being Hampstead, London NW3.

Topping the list of the most expensive streets in Britain once
again is Kensington Palace Gardens, W8 - also known as Billionaires Row -
where the average property price is a staggering GBP19.2 million. This
exclusive gated street is home to Saudi and Brunei royalty, Russian oligarchs
and Britain's richest man, Lakshmi Mittal, who owns not one but three
properties on the street.

But the eye-watering house prices in Britain's most expensive
neighbourhoods reflect a premium for their location, not necessarily the
space they offer. With the average cost per square foot in Kensington now at
GBP1,193 and the average UK house price ( at GBP205,985, a move to W8 might
provide a fancy address but would only get the average homeowner 173 square
feet, barely enough room to swing a cat.

The most expensive area to live in Britain is Windsor &
Maidenhead where average house prices stand at GBP389,120, just ahead of the
average in London (GBP387,119). Rounding out the top 5 most expensive areas
are Surrey (GBP371,984), Hertfordshire (GBP300,914) and Oxfordshire
(GBP284,402). Whilst more than half of the Property Millionaires in Britain
reside in London, outside the capital the county with the highest number of
Property Millionaires by far is Surrey with over 15,000 currently.

Nick Leeming, Business Development Director,
said: "Despite the recent property market uncertainty, Brits remain obsessed
with the value of their home as well as those of their neighbours, friends
and family. This year's Property Rich List shows an ever-widening North-South
divide and whilst house prices in some of the most expensive areas of the
country have fallen a little over the past 12 months, they have held up far
better than in many of the less expensive areas."

What GBP1m+ can get you in some of Britain's most expensive

- Kensington (W8) - 3 bed house, Callcott Street, London W8 -
GBP1,800,000 (

- Chelsea (SW3) - 3 bed flat, Cadogan Gardens, Chelsea, London
SW3 - GBP1,450,000 (

- Knightsbridge (SW7) - 3 bed flat, Stanhope Gardens, London
SW7 - GBP1,300,000 (

- Virginia Water, GU25 - 4-bed house, Virginia Water, GU25 -
GBP1,150,000 (

            For the full Property Rich List 2011, please


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