FOR most first-time buyers, just getting on to the property ladder is hard enough, let alone the thought of one day owning a property where the value is in excess of £1million.
However, this became reality for 47,024 home owners last year as the number of property millionaires hit 300,000 (300,142 to be precise) in 2012. It's the highest since Zoopla.co.uk started recording these figures.
Perhaps unsurprisingly, 64 per cent (182,583 ) of these homes are found in London where the top end of the property market operates seemingly in isolation to the rest of the market. Wealthier buyers are relatively impervious to the economic problems affecting the rest of the market, most notably when it comes to getting a mortgage – an area where first-time buyers, due to strict lending criteria, are constantly struggling.
The Zoopla.co.uk research shows that this elite group has grown 19 per cent from this time last year, with the increase in property prices at the top end of the market notably sharper than the rest of the property market where house prices grew by just 1 per cent overall.
House price growth in London and the South East, fuelled by demand from equity-rich buyers and limited supply, helped push the value of these properties over £1 million during 2012.
Kensington, W8, in London wears the crown for the most property millionaires in Britain, with an average property value currently of £2,186,471 and where a staggering 64 per cent of all homes are currently worth over £1 million.
The luxury pads of Kensington are home to Roman Abramovich, along with the Duke and Duchess of Cambridge, and where the value of the equivalent floor space to an Amazon Kindle is an eye-watering £389.
The most expensive street in the Britain is Kensington Palace Gardens. Dubbed Billionaires Row, the average home on the street is worth over £25 million.
This exclusive address is home to Russian-American businessman Leonard Blavatnik, the UK's sixth-richest man, and to Lakshmi Mittal, the wealthiest man in the UK with a personal fortune of around £9.8 billion.
Where are the most expensive streets in Nottinghamshire?
According to Zoopla, the highest-value streets in Nottingham are: -
1. Beeston Fields Drive, Nottingham, NG9, £1,020,864
2. Church Lane, Nottingham, NG12, £951,556
3. Croft Road, Nottingham, NG12, £886,328
4. Church Hill, Nottingham, NG12, £868,646
5. Main Road, Nottingham NG13, £846,753
6. Blidworth Waye, Nottingham, NG15, £828,566
7. Adams Hill, Derby Road, Nottingham, NG7, £818,340
8. Back Lane, Nottingham, NG12, £792,728
9. Newstead Abbey Park, Nottingham NG15 £775,779
10. Haggnook Wood, Nottingham, NG15, £749,403
Nottingham highest value areas
1 NG12 (Nottingham) £242,276
2 NG14 (Nottingham) £233,780
3 NG13 (Nottingham) £229,183
4 NG2 (Nottingham) £196,540
5 NG9 (Nottingham) £156,885
6 NG11 (Nottingham) £152,239
7 NG15 (Nottingham) £146,349
8 NG3 (Nottingham) £140,078
9 NG8 (Nottingham) £136,439
10 NG16 (Nottingham) £135,069
For more details, visit www.zoopla.co.uk/richlist