The number of property millionaires has now topped more than 600,000, according to Zoopla.
What's the latest?
Soaring house prices have helped create 200 property millionaires PER DAY in Britain.
The number of homeowners whose property is worth £1m or more has increased by 14% - that’s 75,796 - since January alone, according to Zoopla.
The rise has taken the number of Brits sitting on million-pound piles to 622,939, with 82% situated in London and the south east.
In fact, more than one in 10 London homes are now £1m-plus.
All of which means that 2.2% of ALL homeowners have a million-pound home – up from 1.9% over the past year.
Why is it happening?
A strengthening economy and persistent lack of available homes has continued to put upward pressure on house prices across the market, and nudged a whole new raft of properties over the £1m mark.
Lawrence Hall of Zoopla said: “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.”
Who does it affect?
It’s great news for existing homeowners who are sitting on significant – and growing – housing wealth.
But it is yet another indication of the struggle faced by would-be buyers trying to get onto or up the property ladder.
Sounds interesting. What's the background?
London once again dominated the property millionaire league, with 61% of million-pound properties located in the capital. The number of London homes that have smashed through the million-pound threshold has jumped 10% since the start of 2015.
“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.”
Unsurprisingly, the London boroughs with the biggest clusters of property millionaires are notoriously expensive areas, such as Westminster and Kensington & Chelsea. However, they have seen the smallest rise in £1m-plus properties of any borough in the past year.
The greatest increases were within the 10 lowest average-priced boroughs, including Barking & Dagenham, Newham, Redbridge and Waltham Forest.
Outside London, the east of England and Yorkshire and The Humber saw the biggest increases in million-pound piles, up 28% and 24% respectively.
Wales has the fewest property millionaires, with only 1,404 in total. Meanwhile, Scotland was the ONLY region to see a fall in the number of £1m-plus homes in 2015, declining 4.5% to below 9,000.
Hall added: “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 outweighs the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.
Top 3 takeaways
- 75,796 property millionaires were created this year – that’s equivalent to 200 per day.
- More than one in 10 London homes are now worth £1m-plus.
- Scotland was the only region to see a fall in million-pound homes.
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