Are you a ‘property millionaire’? Britain now has more than 620,000 million-pound homes

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More than 75,000 new "property millionaires" have been created across Britain during 2015 as house prices continue pushing upwards, according to a website.

The number of home owners whose property is now worth £1 million or more – making them property millionaires – has increased by 75,796 (or 14 per cent) since January, analysis by Zoopla found. The increase equates to more than 200 new property millionaires being created every day.

The increase in million-pound homes across the country takes the total number of property millionaires in Britain to 622,939 – and means that 2.2 per cent of all home owners have a property worth £1 million or more – Zoopla said.

20 ways to become a property millionaire

But in London, around one in eight (12 per cent) properties is now worth more than £1 million, as more modest homes in the capital increasingly come with price tags which were "once the exclusive preserve of stately homes or massive mansions", the website said.

More than eight in 10 (82 per cent) of all Britain's million pound-plus properties are in London and the South East.

Across the regions, Wales has the fewest million pound properties, at 1,404 in total, while London has the most, at 380,337.

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Westminster was named by Zoopla as the London borough with the highest number of million pound properties, at 51,607, followed by Kensington and Chelsea, which has 44,972 such properties.

The East of England and Yorkshire and the Humber were the regions with the biggest percentage increases in the number of property millionaires over the last year, with uplifts of 28.3 per cent and 24.4 per cent respectively.

There are 46,863 property millionaires in the East of England, while there are 3,041 in Yorkshire and the Humber.

Scotland has seen a 4.5 per cent fall in property millionaires over the last year, with the number now standing at 8,893.

Which regions have most 'property millionaires'?

The number of home owners whose property is worth £1 million or more has risen by 14 per cent since January, Zoopla said.

Here are the numbers of property millionaires across Britain according to Zoopla, with the percentage change over 2015:

  1. East of England – 46,863, 28.3pc
  2. Yorkshire and the Humber – 3,041, 24.4pc
  3. East Midlands – 4,284, 22pc
  4. North East England – 3,540, 19.7pc
  5. South East England – 133,063, 19.7pc
  6. South West England – 22,896, 18.4pc
  7. West Midlands – 7,306, 14.5pc
  8. Wales – 1,404, 11.4pc
  9. London – 380,337, 9.8pc
  10. North West England – 8,412, 8.2pc
  11. Scotland – 8,893, minus 4.5pc

London boroughs with most 'property millionaires'

Here are the London boroughs with the highest numbers of property millionaires, according to Zoopla, with the percentage change over 2015:

  1. Westminster – 51,607, 0.9pc
  2. Kensington and Chelsea – 44,972, 0.6pc
  3. Camden – 33,902, 9.5pc
  4. Wandsworth – 30,605, 3.6pc
  5. Hammersmith and Fulham – 29,396, 5.4pc
  6. Richmond upon Thames – 21,020, 6.1pc
  7. Islington – 20,829, 9.8pc
  8. Barnet – 19,714, 8.8pc
  9. Lambeth – 15,586, 13pc
  10. Southwark – 14,669, 31.8pc

Zoopla used data from its own website to make the findings.

Spokesman Lawrence Hall 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 £1 million in the south still outweighs the rest of Britain, boosted by wealthy hotspots such as Kensington and Chelsea and Westminster."

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He added: "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 £1 million 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."

Calculator: When can I afford to buy a house?

Calculator guide

  1. House price today: Pick your desired location for an average house price, or you can enter any value you please up to £999,999.
  2. Desired deposit: What percentage of the house price you want or need to save – remember this can be as little as 5pc with Help to Buy.
  3. Annual savings: The average you think you can save per year – if you're not saving much but will be, then put an overall expected average.
  4. Total start amount: How much money you have already got saved.
  5. Total assistance available: How much you will be given towards a house by family or other sources. Don't include Help to Buy here; to factor that in, drop the deposit amount instead.
  6. Annual house price inflation: How much house prices will go up per year. The Office for Budget Responsibility average for the next five years is around 5pc, which is the default here, but change it as you please.
  7. Attitude to risk: This is how willing you are to take risk with your money through investing. The low figure would be if you were sticking to Isas and savings accounts with little to no investment. Medium would involve investing in some stocks, funds or other risk taking options, but steering clear of anything too risky. High would involve taking a significant amount of risk with your money, but with greater potential returns.

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