More than 160,000 new property millionaires have been created over the last year in Britain, according to property website, Zoopla, with nearly half a million home owners who can now call themselves property millionaires, at 484,081 in total. This figure is a 49% or 160,397 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, where competition from buyers has been particularly fierce.

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. The imposing mansions on this tree-lined street typically cost 162 times the value of the average British home at £263,705.

Outside London, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is worth £5.6 million, Zoopla said.

And in Wales, Ty-Gwyn Avenue in Penylan, Cardiff, is the most expensuve, where the average property price is valued at £1,046,987, according to Zoopla.

Meanwhile, Scotland's most expensive address is Balmoral Court, Gleneagles Village, Auchterarder, where the typical home is worth £2,032,726.

Here are Britain's 10 most expensive streets according to Zoopla, with the average property value and the increase in value seen over the last year:

1. Kensington Palace Gardens, London W8, £42,730,706, 12.11%

2. The Boltons, London SW10, £26,570,341, 13.64%

3. Grosvenor Crescent, London SW1X, £22,293,470, 12.43%

4. Courtenay Avenue, London N6, £16,877,746, 13.67%

5. Ilchester Place, London W14, £11,853,515, 16.02%

6. Frognal Way, London NW3, £10,974,043, 8.38%

7. Carlyle Square, London SW3, £10,846,481, 14.14%

8. Montrose Place, London SW1X, £10,683,611, 12.43%

9. Cottesmore Gardens, London W8, £10,631,829, 12.11%

10. Manresa Road, London SW3, £10,362,420, 14.14%