There are now more than 768,000 “property millionaires” in the UK, with the vast majority of them concentrated in London and the south-east…
The number of properties in Britain valued at £1m or more has soared by 22.95% since the last set of available data in August 2016, when there were 625,077 homeowning millionaires, according to research compiled by Zoopla.
Unsurprisingly, the top-priced property market is dominated by London, where there are now 430,720 homes passing the £1m mark, making up 12.8% of the total housing stock in the capital – and more than half of the UK total. Westminster alone contains 54,231 properties that exceed £1m, followed by Kensington and Chelsea with 45,366, Camden with 37,908 and Wandsworth with 30,686.
Outside the capital, Guildford has the most homes priced at more than £1m, with 5,889 in total – which is 13% of the total housing stock in the Surrey town. Cambridge and Reading are next on the list, with 5,530 (5%) and 5,421 (4%) respectively.
Affordability outside the capital
Compare this to Wales at the opposite end of the scale, where the number of property millionaires is just 2,223, or Yorkshire and the Humber with 4,103. In the north-east of England, there are just 4,835 £1m-plus homes, while the north-west region of the country has 12,552 such properties, which is 0.4% of all houses in the area.
Going against the grain, the town with the lowest number of property millionaires was Walton-on-Thames, in affluent Surrey, which only had 1,999 homes with the top price tag. Second from the bottom of the list was Cheltenham with 2,015 £1m-plus properties.
Lawrence Hall of Zoopla said: “Whilst there might be a greater number of £1m+ properties than ever before, the data shows that they still only represent a small fraction of all UK housing stock. Our latest tool allows curious homeowners to dream a little and see when their home might hit the million-pound mark.”