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 Zoopla.

The website estimates that nearly half a million home owners 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.

Sitting close to the Duke and Duchess of Cambridge's home at Kensington Palace, the road has earned the moniker the "boulevard of billionaires".

The Boltons in Kensington was again named as the second most expensive street, where homes are worth £26.5 million on average.

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

The rapid growth in top-end property values over the last year has pushed the number of streets with an average property value of over £1 million up by almost one third over the last 12 months to £10,613. Some 3,744 of these million-pound streets are in London, which has continued to attract interest from wealthy overseas investors.

The website's spokesman Lawrence Hall said: "London boasts all of Britain's 20 priciest addresses. Prime properties in the capital have long been a magnet for the super-wealthy looking for a safe investment asset. For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns.