Do you live in or near one of Britain's property millionaire hotspots?
The number of British property millionaires has fallen by 35,000 during the past year following house price drops in London.
A total of 733,777 homeowners now have a property valued at £1m or more, down from 768,553 in 2018, according to Zoopla data.
Annabel Dixon, spokesperson for Zoopla, said: “It’s hard to ignore the overall decline in million-pound properties in the past 12 months. But it’s clear to see the majority of this decline resides in London.
Overall, £1m-plus homes account for 2.5% of the nation’s housing stock.
Where are the most property millionaires?
Despite seeing falls in property values, London continued to be home to the most property millionaires, accounting for 395,871 million-pound homes or 12.6% of the nation’s total.
It was followed by the South East of England at 171,454, although numbers were also down year-on-year here, and the East of England at 76,077.
While it did not make it into the top 10, Cobham in Surrey has the highest proportion of £1m homes, with 44.3% of properties in the town valued at more than this sum, closely followed by Beaconsfield in Buckinghamshire at 44.2%.
Which regions have seen the strongest growth?
The East of England saw the strongest growth in million-pound homes during the year, with 6,237 new property millionaires created in the region.
Although it only accounts for 0.5% of Britain’s total number of £1m properties, the West Midlands also enjoyed solid gains, with 1,002 homes crossing the seven-figure threshold.
Despite having the fewest property millionaires at just 2,373, Wales also saw good growth, with 150 new property millionaires created during the year, the equivalent of one every 2.4 days.
What about London?
Westminster, where the average home is valued at £1.6m, is home to the most seven-figure properties in the capital at 54,137, or 46.4% of housing stock in the area.
How to become a property millionaire
Try Zoopla’s £1m property calculator to see how long you might have to wait until your home hits the million-pound mark.
Top three takeaways
- The number of British property millionaires has fallen by 35,000 during the past year
- A total of 733,777 homeowners now have a property valued at £1m or more, down from 768,553 in 2018
- While those living in homes worth seven-figure sums declined in London and the South East of England, other regions saw strong increases