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Zoopla: 600,000 Britons are now property millionaires

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Mon 04 Jan 2016

Zoopla: 600,000 Britons are now property millionaires

 

More than 600,000 Britons are now property millionaires with their home values having eclipsed the £1m mark.

Property millionaires have increased by 75,796 (14%) since January, research by Zoopla found.

Three in five (61%) of the UK’s million pound homeowners are in London.

Outside of London the East of England and Yorkshire and The Humber saw the largest increases of million pound properties, up 28% and 24% respectively since January.

At the other end of the spectrum Wales had the fewest million pound properties in Britain with only 1,404 in total despite a 11% uplift since January. Meanwhile, Scotland was the sole region to see a decrease in number of million pound homes in 2015, falling 4.5% to below 9,000 since the start of the year.

Lawrence Hall of Zoopla said: “It’s interesting to see that areas such as the East of England and Yorkshire have seen bigger percentage rises in the numbers of property millionaires over the last 12 months compared with the south which typically dominates each year. However the number of properties valued at more than £1m in the south still outweigh the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.

“With an improving economy and the ongoing lack of housing supply, this continues to put upward pressure on house prices at all levels of the market and has nudged a whole new raft of properties over the £1m mark. A price tag that was once the exclusive preserve of stately homes or massive mansions is now an increasingly common label for more modest houses, particularly in the capital.”