More than 600,000 Brits are now 'property millionaires'
75,796 new British property millionaires created in 2015 – equating to over 200 per day
More than one in 10 (12%) London homes are now worth more than £1 million
Highest increases in property millionaires in Waltham Forest, Redbridge and Newham
East of England sees strongest regional increase in £1 million+ homes, up 28% since January
Wales has fewest property millionaires (1,404), and Scotland sees a 4.5% fall
The number of homeowners in Britain whose property is worth £1m or more – or ‘property millionaires’ – has increased by 75,796 (14%) since January, according to the latest research from property website Zoopla.
This 14% rise over the past year takes the total number of British property millionaires to 622,939, and means that 2.2% of all homeowners have a property worth £1 million or more – up 1.9% over the past year. Of these million-pound piles, 82% are situated in London and the South East.
London, long the nation’s property powerhouse, has once again dominated the property millionaire league, with well over half (61%) of Britain’s million-pound piles located in the capital. In total, 380,337 homes in the city are now above the million-pound threshold, marking a 33,871 – or 10% increase – since the start of the year.
Within the capital, the boroughs with the highest number of property millionaires are notoriously expensive areas such as Westminster (51,607) and Kensington and Chelsea (44,972 ) – but these have seen the smallest rise in £1 million+ properties of any borough over the past year, up just 0.9% and 0.6% respectively. Meanwhile, the boroughs that experienced the greatest increases – over 55% – are within the top 10 lowest average priced boroughs in London including Barking & Dagenham, Newham, Redbridge and Waltham Forest.
Outside of London, the East of England and Yorkshire and The Humber saw the largest increases of million-pound properties, up 28% and 24% respectively since January. At the other end of the spectrum, Wales has the fewest million pound properties in Britain with only 1,404 in total—despite, a significant 11% uplift since January. Meanwhile, Scotland was the sole region to see a decrease in number of million pound homes in 2015, falling 4.5% to below 9,000 since the start of the year.
Lawrence Hall of Zoopla commented: “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 outweigh the rest of Britain boosted by wealthy hotspots such as Kensington & Chelsea and Westminster.
“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 £1m 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.”
Number of property millionaires in Britain
Rank | Region | No. of Property Millionaires (Dec '15) | No. of Property Millionaires (Jan '15) | % Change in £1M+ Homes (Jan '15- Dec '15) |
|---|---|---|---|---|
1 | East of England | 46,863 | 36,528 | 28.3% |
2 | Yorkshire and The Humber | 3,041 | 2,445 | 24.4% |
3 | East Midlands | 4,284 | 3,510 | 22.0% |
4 | North East England | 3,540 | 2,957 | 19.7% |
5 | South East England | 133,063 | 111,177 | 19.7% |
6 | South West England | 22,896 | 19,339 | 18.4% |
7 | West Midlands | 7,306 | 6,380 | 14.5% |
8 | Wales | 1,404 | 1,260 | 11.4% |
9 | London | 380,337 | 346,466 | 9.8% |
10 | North West England | 8,412 | 7,774 | 8.2% |
11 | Scotland | 8,893 | 9,308 | -4.5% |
TOTAL | 622,939 | 547,143 | 13.8% |
Source: Zoopla 2015
London boroughs with the largest percentage increase in property millionaires
Rank | Borough | No. of Property Millionaires (Dec '15) | No. of Property Millionaires (Jan '15) | % Increase in £1M+ Properties (Jan '15- Dec '15) |
|---|---|---|---|---|
1 | Barking & Dagenham | 10 | 3 | 288.0% |
2 | Newham | 227 | 121 | 87.9% |
3 | Redbridge | 1,771 | 1,136 | 55.9% |
4 | Waltham Forest | 1,330 | 854 | 55.7% |
5 | Havering | 1,134 | 778 | 45.7% |
6 | Hackney | 7,977 | 5,475 | 45.7% |
7 | Enfield | 2,658 | 1,831 | 45.2% |
8 | Hillingdon | 3,824 | 2,730 | 40.1% |
9 | Brent | 6,212 | 4,539 | 36.8% |
10 | Harrow | 5,118 | 3,817 | 34.1% |
Source: Zoopla 2015
London boroughs with the highest number of property millionaires
Rank | Borough | No. of Property Millionaires (Dec '15) | £1M+ Properties as a % of Total | % Increase in £1M+ Properties (Jan '15- Dec '15) |
|---|---|---|---|---|
1 | Westminster | 51,607 | 47% | 0.9% |
2 | Kensington and Chelsea | 44,972 | 57% | 0.6% |
3 | Camden | 33,902 | 33% | 9.5% |
4 | Wandsworth | 30,605 | 24% | 3.6% |
5 | Hammersmith & Fulham | 29,396 | 37% | 5.4% |
6 | Richmond upon Thames | 21,020 | 27% | 6.1% |
7 | Islington | 20,829 | 20% | 9.8% |
8 | Barnet | 19,714 | 15% | 8.8% |
9 | Lambeth | 15,586 | 12% | 13.0% |
10 | Southwark | 14,669 | 11% | 31.8% |
Source: Zoopla 2015
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