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Number of property millionaires climbs

More than 160,000 new property millionaires have been created over the last year in Britain as the housing market recovery has taken off, according to a website.

Zoopla estimates that 484,081 home owners can now call themselves property millionaires, a 49% increase on a year ago.

It found that 12 streets now have average house prices of more than £10 million, all of which are in London. Kensington Palace Gardens, which was once again named by Zoopla as Britain's most expensive street, now has an average property value of £42.7 million.

Scotland's most expensive address is Balmoral Court, Gleneagles Village, Auchterarder, where the typical home is worth £2,032,726. The most expensive street in Wales is Ty-Gwyn Avenue in Penylan, Cardiff, where the average property price is £1,046,987, Zoopla said.

The North East's priciest road was named as Gubeon Wood in Morpeth, Northumberland, where houses cost £1,321,625 on average.

South Downs Drive in Hale, Altrincham, was named as the North West's most expensive, with homes worth around £2,417,839. In the South West, Old Coastguard Road in Sandbanks, Poole, was named as the most expensive street, a home typically £2,440,500, according to the website.

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