Number of British Property Millionaires Climbs by a Third in 2013

 

  • 92,985 new property millionaires created across Britain in 2013 (255 per day)
  • 61% of all Britain’s property millionaires can now be found in London
  • Kensington and Chelsea home to highest number or property millionaires
  • Wales is British region with the fewest number of property millionaires

Continued strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past 12 months, according to the latest research from property website Zoopla.co.uk.

The total number of British property millionaires now stands at 393,127, up 31% compared to this time last year, with a high concentration in London and the South East as a result of strong house price growth at the top-end of the property market. As 2013 draws to a close, 1.4% of British homeowners will finish the year as property millionaires.

61% (239,703) of all Britain’s property millionaires can now be found in London. Limited supply of prime property in the capital has pushed the value of a further 57,120 London homes over the £1 million mark in the last 12 months, creating 156 new property millionaires in the capital every day throughout 2013.

The exclusive borough of Kensington and Chelsea is home to the highest number of property millionaires totaling 41,393 (17% of the capital’s total), despite being the smallest London borough covering just 12km². Westminster (40,087), home of such famous Monopoly addresses as Mayfair and Park Lane, and Camden (23,873) round out the top three London boroughs with the most property millionaires.

Outside London, 21,028 more property millionaires were created in the South East during the past year, bringing the total to 82,614. The highest proportion of property millionaires outside the capital can be found in the affluent Surrey area of Virginia Water (GU25) where 32% of homes are now worth over £1 million. Beaconsfield (HP9) and Chalfont St Giles (HP8) come in second and third respectively for having the highest proportion of million pound homes. Wales is home to the fewest property millionaires in Britain, numbering just over 1,000 in total but still up 24% on 2012.

Lawrence Hall of Zoopla.co.uk said: “While Government schemes such as Help to Buy have concentrated popular attention on the lower rungs of the property ladder this year, there’s been a hive of activity propelling house price growth at the top-end of the market. As more and more British properties climb past the million pound level, the impact of a possible Mansion Tax would be wide reaching and risk impacting a significant number of British homeowners both at the top of the market and on the lower rungs of the property ladder.”

NUMBER OF PROPERTY MILLIONAIRES BY REGION

Rank

 

Region

No. of property millionaires

(Dec 2013)

No. of property millionaires

(Dec 2012)

Change over last 12 months

1

London

239,703

182,583

57,120

2

South East England

82,614

61,586

21,027

3

East of England

28,128

20,470

7,659

4

South West England

13,960

12,094

1,866

5

North West England

7,043

5,586

1,457

6

West Midlands

5,418

4,087

1,331

7

Scotland

8,161

7,264

896

8

East Midlands

2,667

2,003

664

9

North East England

2,574

2,082

492

10

Yorkshire & Humber

1,814

1,541

273

11

Wales

1,043

844

199

TOTAL

393,127

300,142

92,985

 Source: Zoopla.co.uk, December 2013

 

HIGHEST PROPORTION OF PROPERTY MILLIONAIRES

Rank

Area

Avg. property values (Dec 2013)

Proportion of £1m+ properties

1

South Kensington (SW7)

£2,092,053

71%

2

Kensington (W8)

£2,498,512

70%

3

Chelsea (SW3)

£1,982,268

56%

4

Westminster (W1)

£1,432,036

51%

5

West Brompton (SW10)

£1,540,704

46%

6

Belgravia & Pimlico (SW1)

£1,473,567

44%

7

Notting Hill (W11)

£1,597,498

42%

8

Earl’s Court (SW5)

£1,188,062

42%

9

Fulham (SW6)

£1,034,246

38%

10

Hampstead & Belsize Park (NW3)

£1,218,532

37%

Source: Zoopla.co.uk, December 2013

 

HIGHEST PROPORTION OF PROPERTY MILLIONAIRES (OUTSIDE LONDON)

Rank

Area

Avg. property values (Dec 2013)

Proportion of £1m+ properties

1

Virginia Water (GU25)

£1,081,595

32%

2

Beaconsfield (HP9)

£839,702

27%

3

Chalfont St. Giles (HP8)

£783,310

22%

4

Hartfield (TN7)

£697,535

20%

5

Gerrards Cross (SL9)

£719,765

19%

6

Radlett (WD7)

£693,525

19%

7

Guildford (GU5)

£733,978

19%

8

Henley-on-Thames (RG9)

£666,547

16%

9

Ascot (SL5)

£643,276

16%

10

Harpenden (AL5)

£649,553

15%

Source: Zoopla.co.uk, December 2013

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s